Connecticut Innovations (CI), the state’s quasi-public authority responsible for technology-based innovation and economic development has made a $1 million investment in NovaTract Surgical Inc. located in New Haven. CI’s investment was part of a $2,375,000 Series A funding round involving other investors. CI previously made $208,000 in pre-seed investments in Nova Tract in 2010 as well as a $250,000 seed investment in 2011.
CI’s initial pre-seed support and funding for NovaTract in 2010 was provided in tandem with a $25,000 novel technology pilot award from the Yale University Clinical and Translational Science Award and the Yale Center for Clinical Investigation. This initial funding not only launched NovaTract but also helped the company develop their earliest prototype device.
NovaTract is developing medical devices to reduce the number of incisions used in minimally invasive surgery and the company has licensed the core technology from Yale University. Kurt E. Roberts M.D., an Assistant Professor of Gastrointestinal and General Surgery at Yale School of Medicine and NovaTract’s Scientific Founder, developed the technology.
NovaTract’s initial product is an internal organ retraction device that will benefit patients who must undergo abdominal surgery such as gall bladder removals and appendectomies. The device will enable general surgeons to reduce the number of incisions required to perform the surgery laparonscopically and also be able to use the single port and Natural Orifice Transluminal Endoscopic Surgery (NOTES) methods. The NOTES method currently requires such a high level of skill so that only a few dozen surgeons in the U.S are using the method.
The company has completed the prototype design, fabrication, and manufacturing of its organ retraction device and last December successfully completed animal testing. The funding will enable NovaTract to bring its first product to market by mid 2013.