LINCOLN, Nebraska (January 8, 2020)—Virtual Incision, a surgical robotics startup, recently closed a Series B+ round of financing worth $20 million, the company announced today.
The funds will help push Virtual Incision’s surgical robot through what might be the last regulatory hurdles before the robot can be used in human patients in the United States.
University of Nebraska-Lincoln robotics engineer Shane Farritor, PhD, and University of Nebraska Medical Center surgeon Dmitry Oleynikov, M.D., co-founded Virtual Incision. Their collaboration has built a surgical device that expects to take what were once open, highly invasive surgeries and transform them into minimally invasive, or laparoscopic, procedures.
Virtual incision’s initial robotic design is called the MIRA Surgical Robotic Platform. MIRA stands for “miniaturized in vivo robotic assistant.”
Weighing about two pounds, MIRA has a decided advantage over other robotic platforms, which require the dedicated space of an entire room.
Virtual Incision’s robot, however, could easily move from one room to another, even for complex procedures such as a colon resection.
Colon resections involve a surgeon using a large incision to remove a portion of a patient’s lower intestine. Such procedures often require months of recovery and rehabilitation. But when performed as a minimally invasive procedure—such as with Virtual Incision’s one-of-a-kind robot—that recovery time would be better measured in days.
“Beyond our initial device design for colon resection, Virtual Incision has begun developing a family of procedure-specific mini-robots for additional operations such as hernia repair, gallbladder removal and others, potentially enabling millions more surgical procedures each year,” Farritor said in the announcement.
Said Oleynikov: “We are focused on expanding access to minimally invasive robotic procedures and delivering this innovation to the many centers where a smaller, simpler and less costly solution is needed.”
Bluestem Capital led the funding round, along with PrairieGold Venture Partners and Genesis Innovation Group.
According to the press release, Virtual Incision plans to file for an Investigational Device Exemption with the FDA. If approved, the company can then start a “confirmatory clinical study” that will “evaluate the safety and efficacy of the MIRA platform for colon resection surgeries in patients at a number of U.S. investigational sites.”
Including the most recent raise, Virtual Incision has now attracted more than $50 million in investments since its initial founding in 2006.
The list of participating universities has not yet been released, but a mix of returning and new institutions are expected, planners said.
The second day will focus on the how-to’s of evaluating a startup’s potential market, developing a strong commercialization plan and attracting SBIR/STTR funding across all agencies, including NIH.
7. MidWest Drug Development Conference
“The best thing about receiving the award is that it is a reflection of our great team here at UNeMed,” Andersen said. “My colleagues here are a true asset – I couldn’t do it without them. The open lines of communication and the spirit of teamwork here at the office allow us to keep things on track and provide high quality service to our university, its faculty and its staff, which, at the end of the day, is our ultimate goal”
The conference featured 42 technology presentations from 18 Midwestern universities, and 30 different companies and investor groups. An estimated 240 one-on-one partnering meetings were held during the two-day event, opening the door to additional opportunities for each participating university.
LINCOLN, Nebraska (Nov. 15, 2019)—UNeMed President and CEO, Michael Dixon, PhD, will be the featured guest during the University of Nebraska President’s Halftime Show of the Cornhuskers’ football game with the No. 14 Wisconsin Badgers on Saturday.
Sponsored and hosted by Bio Nebraska, the luncheon will be held at 11 a.m.-2 p.m. in the Empire Room at Midtown Crossing in Omaha. Registrations are now closed.
The Open House will feature local entrepreneurs who will demonstrate early-stage technologies that are the basis for new startup companies in healthcare-related industries. It will be held at UNeTech at 3929 Harney Street.
OMAHA, Nebraska (Oct. 14, 2019)—UNeMed released today its 2019 annual report, which details UNeMed’s key metrics, and highlights notable achievements during the fiscal year ending in 2019.
