Symple Surgical Secures NIH Grant & Angel Investment
FLAGSTAFF, Ariz., Nov. 1, 2018 /PRNewswire/ -- One of Moonshot at NACET's first business incubator and accelerator clients, Symple Surgical, Inc. (SSI), is graduating from the entrepreneurial program and relocating to Flagstaff Airport Airpark after securing significant grants and angel investment funds.
The medical device company, which is developing novel therapeutic technologies employing controlled microwave ablation, was awarded a National Institutes of Health Small Business Innovation Research Phase I grant totaling $225,000. The grant will allow the company to continue work with Duke University to see if this minimally invasive approach can be used to treat resistant hypertension.
Phase II of the NIH award would be in excess of $1.5 million, and the company is in the final stages of due diligence with angel investors for another $1.5 million investment.
The capital infusion is allowing SSI to graduate from the city's business incubator/accelerator and move into a space that will quadruple its size from 1800 to 7200 square feet.
"Not only are we graduating, but we are graduating with honors," said Daniel J. Kasprzyk, President & CEO, who co-founded the company in 2012. "We have created a business idea in under two years, proven the business model, grown strategically, and now will scale to meet the overwhelming global demand for our products and services."
SSI's is also exploring using its technology in treating gastric reflux disease (GERD) and the subsequent onset of Barrett's Esophagus which can lead to esophageal cancer. An estimated 2 million people in the U.S. live with Barrett's Esophagus, Kasprzyk said, and more than 60 million individuals live with GERD. Esophageal cancer is the fastest growing solid tumor cancer in the world with over 750% increase over the past 20 years.
"This will create amazing career opportunities in Flagstaff," said Moonshot at NACET President & CEO Scott Hathcock. "It's another example of how Flagstaff is leading the way in the bioscience sector and bringing high-paying jobs to our region by attracting and nurturing our local entrepreneurs."
To learn more about Symple Surgical, visit symplesurgical.com.
About Moonshot at NACET: Moonshot at NACET solicits pitches from ambitious, disruptive innovators whose plans hold commercial possibilities. Its clients are put through a rigorous, four-track process to develop a minimum viable product or an investment-ready business. The program is housed in the Northern Arizona Center for Entrepreneurship and Technology facility.
SOURCE Moonshot at NACET
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