Arbutus Medical Secures $2.26 Million Financing to Scale Up Innovative Solution for Skeletal Traction and help Trauma Center ERs
February 13, 2023, VANCOUVER, BC – Arbutus Medical Inc., a medical device company developing innovative surgical drill technology and sterile-packed orthopaedic procedure kits, has announced a $2.26MM financing jointly led by Genome British Columbia and Vancouver-based health technology venture fund Nimbus Synergies.
Genome BC has initially invested $1.13 million with potential further funding of $0.37 million as Arbutus Medical expands its investment syndicate throughout Q1 2023. Genome BC’s investment is made through its Industry Innovation (I²) Fund, which provides commercialization support for BC companies developing innovative life science technologies. Nimbus Synergies makes a follow-on investment after leading Arbutus Medical’s Seed Round. Syndicate partners include the Pan-Canadian consortium MEDTEQ+, ScaleGood Impact Fund, and ThresholdImpact.
This investment supports the commercialization of Arbutus Medical’s TrakPak®, a procedure kit that streamlines a bedside orthopaedic trauma surgery called skeletal traction. Skeletal traction is commonly indicated for femur and pelvis fractures. TrakPak® is a complete single-use procedure kit that contains everything a surgeon needs for skeletal traction in one place, pre-sterile, ready to use at the bedside in Trauma Center Emergency Rooms. The kit can save orthopaedic trauma teams upwards of 45 minutes 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,” said Lawrence Buchan, Chief Executive Officer at Arbutus Medical Inc. “Currently, Trauma Center ERs spend far too much time gathering equipment when they are preparing to do a skeletal traction procedure. This frustrates staff, slows down care for someone with a horrible trauma injury, and in some cases can slow down patient throughput in the ER – which can ultimately increase costs for the hospital.
“Our 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’s patented DrillCover Technology is one of the most innovative aspects of TrakPak®. The company has developed methods to create a sterile enclosure around DEWALT® power tools, adapting them into sterile surgical drills for hospitals and field settings. This novel approach to surgical drills means that hospitals do not need to sterilize a drill between surgeries, providing a significant cost advantage compared to conventional sterilizable drills. The technology has potential to serve multiple sectors, from Trauma Centers worldwide, to ambulatory surgery centers, NGO or military field missions, and veterinary surgeons.
Arbutus Medical’s surgical drills and procedure kits have already been used by customers in 40 countries to date, enabling an estimated 85,000 surgeries.
About Arbutus Medical Inc.
Arbutus Medical Inc. is a privately held ISO13485 medical device company headquartered in Vancouver, Canada. Arbutus Medical is developing innovative surgical drill technology and sterile-packed orthopaedic procedure kits that save time and money for hospitals. The company is currently focused on improving the standard of care for bedside skeletal traction surgeries in the ER of Trauma Centers through its newest product, TrakPak®. In addition to TrakPak®, the company distributes a line of surgical drills with DrillCover Technology that are available at accessible price points to customers around the globe. Arbutus Medical’s products have regulatory clearances from the U.S. Food & Drug Administration (FDA) and Health Canada, and have been used by customers in 40 countries, enabling an estimated 85,000 surgeries to date. The company’s mission is to simplify surgery, reduce costs, and help healthcare providers treat patients worldwide. For more information about Arbutus Medical, visit arbutusmedical.com and follow the company on LinkedIn.
About the Investment Syndicate
About Genome British Columbia
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
About Nimbus Synergies
Nimbus Synergies leads early-stage financings in innovative and complementary health technology companies in Canada. By bringing these companies together to share resources, industry specific knowledge, and relationships, Nimbus is accelerating their growth and increasing their likelihood of success. Nimbus is significantly impacting the health technology sector through its leadership as investor, partner, and mentor. www.nimbusinc.vc
The mission of the Pan-Canadian Consortium for Industrial Research and Innovation in Medical Technologies (MEDTEQ+) is to accelerate the development of innovative technological solutions to improve the health status and quality of life of patients. MEDTEQ+ supports the validation of these technologies, their integration into the healthcare network, and their local and international outreach by bringing together the complementary skills of industrial and institutional partners and healthcare providers. MEDTEQ+ receives financial support of the Government of Quebec, the Government of Canada (through the Centres of Excellence for Commercialization and Research (CECR) program), the private sector, and complementary partners to foster research-industry relationships. https://www.medteq.ca/
Nora Wirth, Operations Manager