Melzi Surgical Announces Closing of its Series A Financing with Proceeds of Over $4.0 Million
Funds expected to support ramp up of sales network, increase product marketing and enhance the Sharps Finder 2.0
Company executing on initial phase of commercialization of the Melzi Sharps Finder, a U.S. FDA registered device designed to locate lost needles and objects during surgery
RENO, Nev.–(BUSINESS WIRE)–April 11, 2022 – Melzi Surgical (“Melzi” or the “Company”), a surgical device company dedicated to creating innovative technologies that improve patient outcomes while reducing hospital expenses, announced today that it has closed its Series A financing for a total of over $4.0 million. Proceeds from the financing will be used to ramp up the Company’s sales network, increase product marketing, build inventory for sales pipeline, enhance Sharps Finder 2.0, and FDA qualify product for expanded applications.
“Our team continues to execute on our primary initiative which is driving commercialization and adoption of the Melzi Sharps Finder, which ultimately provides hospitals with a solution for locating needles and objects lost during surgery – a large and growing problem. The closing of our Series A is a noteworthy accomplishment in bolstering those efforts and positioning us to make greater strides moving forward. Our easy-to-use device, backed by a robust intellectual property portfolio, has been designed to be seamlessly implemented in operating rooms to resolve lost surgical sharp events. To-date, the data and feedback we have received from surgeons using the device are encouraging and we believe we are well-positioned to build momentum throughout the United States. Our initial phase of commercialization is progressing as planned and we are taking deliberate and strategic steps to ensure Melzi is poised to become the solution in operating rooms for helping surgical teams locate lost sharps and therefore improve patient outcomes,” commented Reid Rutherford, Chief Executive Officer of Melzi.
Over 390,000 sharp objects are lost during surgery each year in the United States.[1] The Melzi Sharps Finder is a sterile, single-use sharps detection device and can be used in robotic, laparoscopic, and open procedures. When a sharp is lost or miscount is identified, surgeons can activate the Sharps Finder to assist with the search in the surgical area. The use of the Melzi Sharps Finder is intended for preventing retained surgical sharps, reducing search time and resources during lost sharps events and minimizing risks to patients, hospitals and staff.
The Melzi Sharps Finder was designed by surgeons who understand how frustrating and time-consuming it can be to search for surgical needles and sharps. The use of an adjunct technology, like Melzi Sharps Finder, can bring patient safety, time, financial, and risk benefits. In a lab study, testing results show 13mm, 17mm, and 26mm needles detected at 95% reliability rate. Additionally, in two recently conducted evaluations of the Melzi Sharps Finder where time to locate (TTL), accuracy, and the time to decide (TTD) were recorded. All of the results from the evaluations were statistically significant.
Melzi is currently leveraging a network of surgical leader champions in key markets and a regional sales distributor network of contractors to establish early adoption. The Company is working towards its planned aggressive national rollout and expansion of distributor network in order to grow awareness and adoption and ultimately drive sales in the United States. In an effort to propel Melzi to its next stage of growth, the Company is actively participating in both surgical and operating room staff conferences and events.
The Company is in various ongoing stages of discussions with leading global medical devices suppliers for its potential acquisition and regional licensing/distributor agreements. For more information about Melzi and the Melzi Sharps Finder, please visit melzisurgical.com.
[1] North American Lost Sharp Events: 390,000. Retained Surgical Items: A Changing Landscape. Journal of Patient Safety, 2020, Weprin, et al.
About Melzi Surgical
Melzi is a surgical device company dedicated to creating innovative technologies that improve patient outcomes while reducing hospital expenses. The Company’s lead product, the Melzi Sharps Finder, is a U.S. FDA registered device designed to locate instruments, needles, broken pieces and fragments, or sharp objects (“sharps”) that have been lost inside a patient during surgery. The Melzi Sharps Finder is an easy-to-use hand tool capable of working in a 5mm trocar for laparoscopic and robotic surgeries and can also be used in open surgery. In a lab study, testing results with the Melzi Sharps Finder show detection of 13mm, 17mm, and 26mm needles with a 95% reliability rate.
The use of an adjunct technology, like the Melzi Sharps Finder, can bring patient safety, time, financial, and risk benefits. The Melzi Sharps Finder is currently indicated for use in gastroenterology and urology surgeries.
For more information about the Company, please visit melzisurgical.com
Investor Contact:
Jenene Thomas, JTC Team
T: (US): +1 (833) 475-8247
E: melzi@jtcir.com
Business Development Contact:
Allen McClinton, Melzi Surgical
T: 650-272-8987
E: allen@melzicorp.com
