Xaga Surgical, a Helsingborg-based HealthTech startup, has raised a total of €698k in an investment round in order to expand to the US and further develop their innovative medical needles to reduce the risk of infections and improve cancer diagnostics.
The investment round included a €261k contribution from SmiLe Inject Capital, as well as participation from Almi Invest and private investors.
“The global market for medical needles faces significant challenges, with over 50 million people annually at risk of health issues related to needle infections, costing an estimated 80 billion USD,” noted Andreas Forsvall, Founder and CEO of Xaga Surgical. “Our technology is designed to address this need and create safer and more efficient healthcare solutions.”
Founded in 2016 by urologist Dr Andreas Forsvall, Xaga Surgical was based on two of his patients who developed sepsis following prostate biopsies. This experience led to the realisation that existing needle designs posed a significant risk of bacterial transfer to sterile tissues.
It became clear to Dr Forsvall that the existing design posed a significant risk of transferring bacteria into sterile tissue. Surprisingly, there were no alternative needle designs available, and scientific literature offered no solutions. Prototypes were made and subsequent rigorous testing, studies and refinement validated the technology’s effectiveness, setting the stage for Xaga Surgical to innovate both infection prevention and cancer diagnostics.
The company has developed a patented technology that reduces bacterial transmission during biopsies reportedly by 96%, significantly lowering infection risks and enhancing precision in cancer diagnostics. Xaga Surgical has also outlined that they intend for this to address the problem of 3.4 million annual hospital acquired infections caused by needles.
According to Xaga Surgical, “Annually, over 50 million individuals are needlessly exposed to health risks during needle punctures. Needle induced infections and suboptimal cancer diagnostis are incurring an estimated annual healthcare and public cost of $80 billion. We firmly believe that the crux of this issue lies in needle design, and our technology stands as a rational solution. Remarkably, to our knowledge, Xaga Surgical stands as the sole entity globally dedicated to addressing this pressing concern, underscoring the immense responsibility we bear for the future.”
The capital will be used to commence commercialisation, secure FDA approval, and facilitate entry into the U.S. market.
“Our investment in Xaga Surgical is part of our commitment to supporting life science companies in commercialising their innovations to contribute to global health,” said Thomas Unt, CEO of SmiLe Inject Capital. “Xaga Surgical has an exceptionally skilled team and a unique innovation that has garnered significant attention, promising to enhance the safety of cancer diagnostics.”
Xaga Surgical is part of SmiLe’s incubator programme. SmiLe Inject Capital is Sweden’s only angel investment company focusing on promising early-stage life science companies. Through SmiLe Inject Capital, private investors gain access to SmiLe’s life science expertise, international networks, and unique insights into early-stage life science companies. The funding is supported by experienced business angels along with the state-owned venture capital company Saminvest.