HERSHEY, Pa., Nov. 1, 2018 /PRNewswire/ -- Every year, rib fractures impact nearly 350,000 of the patients admitted to major trauma centers in the United States alone. SIG Medical's (www.sigmedical.net) revolutionary AdvantageRib technology which was developed at the Penn State College of Medicine, Milton S. Hershey Medical Center, is an intrathoracic, minimally-invasive procedure designed to effectively treat very painful rib fractures without the use of large, open incisions or continuous doses of opioid pain medications.
SIG Medical recently closed on a Series Seed Funding round comprised of private investors and Pennsylvania's largest early-stage investor, Ben Franklin Technology Partners of Central & Northern PA. The company will utilize the investments to accelerate the commercialization of its already FDA-approved products and to continue to develop innovative thoracic medical devices.
AdvantageRib is a revolutionary alternative to traditional rib fixation systems.
John Sider, Director of Second Stage Funding with Ben Franklin, commented, "Our Ben Franklin team was impressed by the clear need for the innovative rib-repair device and significantly less invasive procedure SIG Medical has developed. Our seed investments, which are very competitively awarded, provide capital to develop the foundation to create high wage jobs at a growing, profitable business. We are proud to have SIG Medical as a member of our portfolio."
Dr. Christopher Towe, Clinical Assistant Professor of Surgery at Case Western Reserve University School of Medicine in Cleveland, recently presented his experience utilizing AdvantageRib at Harvard's Innovations in Chest Wall Surgery Course. "AdvantageRib is a clever system and I have had success with it. It's no longer necessary for a patient presenting with a rib fracture to be off work for two months or to depend solely on opioid painkillers to manage their discomfort."
"We are excited to have the support of world-class investors who recognize the opportunity to improve healthcare," said Ken Kremer, President and CEO of SIG Medical. "With AdvantageRib, everyone wins: Surgeons finally have what they have been asking for - an effective and less invasive way of treating rib fractures; payors have a solution that reduces healthcare spending; and patients get access to a procedure that radically improves their care. This investment will allow us to continue to innovate and accelerate our mission of bringing revolutionary treatment to hundreds of thousands of patients."
About SIG Medical
SIG Medical is pioneering rib fixation optimized for the operating room. Our mission is to provide more immediate and definitive patient care: reducing pneumonia, time in intensive care, chronic pain, ventilator support, chest wall deformity, and accelerate patient recovery. We aim to improve patient care and significantly reduce the overall cost to the healthcare system. For more information, visit www.sigmedical.net.
Andrew Davison, Vice-President