Genome BC Invests $1.13 Million in Innovative Solution to Improve Surgical Care for Skeletal Traction
VANCOUVER, BC, Feb. 13, 2023 /CNW/ - Genome British Columbia (Genome BC) has invested $1.13 million into Arbutus Medical Inc., a BC-based medical device company developing innovative surgical drill technology and procedure kits that improve hospital workflow and reduce costs to treat patients.
Matching funds have come from a syndicate of Canadian health tech and impact investment funds, including Nimbus Synergies, the Pan-Canadian consortium MEDTEQ+, and the ScaleGood Impact Fund. There is the potential of additional matching funds by the end of March 2023.
This investment supports the development of Arbutus Medical's TrakPak®, a complete single-use procedure kit for skeletal traction with everything a surgeon needs in one place, pre-sterile, ready to use at the bedside. The kit can save orthopaedic trauma teams upwards of 45 minutes of preparation time per procedure, helping hospitals operate more efficiently, reduce costs, improve patient experiences, and expand access to safe surgical care.
"We are setting a new standard of care for skeletal traction," says Lawrence Buchan, Chief Executive Officer at Arbutus Medical Inc. "The current workflow for these procedures takes a very long time, frustrates staff, and slows down treatment for someone with a horrible injury.
"The TrakPak® skeletal traction procedure kit eliminates this problem and delivers a better solution for patients, providers, and the hospital's bottom line. This financing will allow us to launch the next generation of TrakPak® in 2023 and rapidly scale up."
Arbutus Medical adapts DEWALT® power tools into sterile surgical drills for hospitals and field settings. The company has developed methods to create a sterile enclosure around a nonsterile power drill so it can be safely used in surgery. This technology means that hospitals do not need to sterilize a drill between surgeries, providing a significant cost advantage compared to conventional sterilizable drills. The system has been approved for human use by the FDA and Health Canada. TrakPak® is the company's first complete procedure kit to include their novel drill technology.
Genome BC's investment is made through its Industry Innovation (I²) Fund, which provides commercialization support for companies developing innovative life science technologies that address biological challenges in key economic sectors in BC: Agriculture, Energy and Mining, Environment, Fisheries and Aquaculture, Forestry, and Human Health.
"Genome BC's I² Fund exists to bridge the gap between innovation and commercialization in BC," says Dr. Tony Brooks, Chief Financial Officer and Vice President, Entrepreneurship & Commercialization at Genome BC. "We're excited about the potential for Arbutus Medical's products to help hospitals operate more efficiently, reduce costs, improve patient experiences and expand access to safe surgical care."
For more than 20 years, Genome BC has generated over $1.27 billion of investment in more than 498 genomics research and innovation projects, including over 1,000 collaborations with partners in BC and internationally. By connecting academic researchers, industry partners, and public policy priorities, Genome BC has brought $969 million in co-funding to BC and advanced 152 BC-based companies. These companies span all key social and economic sectors and address health, environmental, and natural resource challenges, generating social and economic benefits for people throughout BC and Canada. genomebc.ca
Arbutus Medical Inc. is a privately held ISO13485 medical device company headquartered in Vancouver, Canada. Arbutus Medical develops innovative surgical drill technology and sterile-packed orthopaedic procedure kits that save time and money for hospitals. Starting with TrakPak®, Arbutus Medical is building a portfolio of procedure kits around their novel surgical drill platform to simplify surgery, reduce costs, and help healthcare providers treat patients worldwide. The company's products have been used by customers in 40 countries, enabling an estimated 85,000 surgeries and counting. For more information, visit arbutusmedical.com and follow the company on LinkedIn.
SOURCE Genome British Columbia
Genome British Columba: Brad Lyle. Communications Manager, Mobile: 778-999-8195, Email: [email protected]; Arbutus Medical Inc.: Nora Wirth, Operations Manager, Mobile: 778-855-5375, Email: [email protected]
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