Swiss device company Neo Medical on May 14 raised $13.4 million through a financing round, which will go toward the company's growth and expansion plans into key target markets, P&T Community reports.
Four things to know:
1. Neo Medical has developed a controlled-fixation system that aims to improve spinal stability postoperatively.
2. The system limits stress overload on the spine, which can reduce the risks of screw loosening and hardware failure, leading to decreased complications and improved outcomes.
3. Neo Medical plans to expand into the U.S., Germany, Spain, Switzerland and France.
4. The company achieved 63 percent growth in the first quarter, despite the COVID-19 pandemic.