Consure Medical, a company aiming to enhance patient care with the development of safer, intuitive, and human-centric medical technologies, launched its product platform - the Qora Stool Management Kit (SMK) on Thursday and also announced an undisclosed amount on series B funding and 510(k) US FDA clearance received for the Qora suite of devices.
Qora, the novel faecal incontinence management technology launched by Consure, was initially developed as part of the Stanford India Biodesign programme and was designed to improve upon outcomes of currently available faecal management products.
The new funding round was led by venture capital firm Accel Partners. Consure had earlier received an undisclosed amount in an initial round of funding from Indian Angel Network, India Innovation Fund as well as India Venture Partners. The company will use the newly raised funds for penetrating new markets, investing in further product development for critical care setting and growing customer reach with robust channel partnership to driving up sales.
This financing announcement comes as Qora SMK is now available in key locations in India and USA. Qora has successfully been piloted at important partner centres in both countries; adoption is driven by the changing hospital reimbursement scenario in the US, as well as increasing awareness about infection control and outcomes in Indian hospitals.
Consure’s flagship product, Consure 120 SMS, had previously received clearance in 2014. Consure adds to this product line by introducing a short-term product, Qora AridaTM, and two long-term products, Qora AeonTMand Qora AIMTM, which is MRI-compatible. These three line extensions offer an expanded faecal management portfolio for complex critical care patients and long-term acute or nursing care patients. Additionally, the new clearance allows for expanded use period for these devices, for up to 29 days. Moreover, the device is designed for efficacious functioning in more patients than are currently served by other products – with a projected threefold expansion of patient eligibility.
The product launch for ‘Qora' SMK was graced by Hon’ble Minister of State for Science & Technology and Earth Sciences, Shri Y. S. Chowdary in New Delhi on Thursday, 19th May, 2016. The minister hailed Consure for being a trailblazing medical device company and a role model for other Indian healthcare entrepreneurs, with its roots in underserved demographics like India, yet with global standards and scope.
Nishith Chasmawala, CEO, Consure Medical, stated at the event, “Consure competes in the $7 Billion faecal incontinence market with a differentiated product. We have the unique distinction of being one of the few emerging market medical device companies to have both US FDA clearance and granted patents in all important markets including USPTO. We will use the investment to commercialize our proprietary technology and grow sales revenue with channel distribution and partnerships to meet the growing demand for our products”. He added, "Consure Medical is a perfect example of an ambitious start-up that's taking a remarkable technology developed by a globally diverse and experienced team of engineers, clinicians, designers into a commercially viable enterprise determined to change the healthcare landscape."
With a growing body of compelling clinical experience through pilot launches, Consure is now looking forward to scaling up commercialization efforts in key geographies like US, India and Japan. Qora paves the way for an entirely new approach in the management of faecal incontinence, representing a 7 billion dollar market opportunity and the chance of improving outcomes in 100 million patients worldwide.
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