Galway medtech firm eyes US launch for cancer patient device

SymPhysis raised €2.8m in its latest funding round and expects to close a further €3.7m from a combination of current and new investors by April 2025

Announcing SymPhysis Medical’s team as it prepares for its US launch are, from left: Gerard Ryan, board member; Michelle Tierney, co-founder and chief scientific officer; and Tim Jones, co-founder and CEO.

Galway medtech company SymPhysis Medical is targeting revenues of €40m by 2030 as the company prepares a US launch for its device which clears fluid from the chests of cancer patients.

The company hopes to secure clearance from the US Food and Drug Administration (FDA) targeted by 2026. The Releaze device can be used by cancer patients who are receiving palliative care to relieve symptoms of fluid in the chest, including shortness of breath, discomfort, and pain.

The condition is experienced by approximately 50% of late-stage cancer patients, and limits movements and activities.

SymPhysis Medical was founded by chief executive Tim Jones and chief scientific officer Michelle Tierney. 

It raised €2.8m in its latest funding round and expects to close a further €3.7m from a combination of current and new investors by April 2025. 

SymPhysis Medical expects to represent 20% of the US market by 2030, along with 10% of the European market in the same period.

“For six years, we have been laser-focused on our mission to help late-stage cancer patients — and, indirectly, their loved ones — to ease a very distressing condition at an extremely difficult time for them,” said Mr Jones.

“Our ultimate goal of reaching patients with our device is now in sight. Supporting the employment and investment incentive scheme has been an important differentiator for us, and we look forward to taking on further investment as we enter this new chapter for our business — and the patients we will reach.”

SymPhysis is entering into a market worth €86m in the US and Europe alone. The company was endorsed by the European Innovation Council last February, receiving the seal of excellence, which highlights the value and impact of the innovation.

The company’s next round of funding will close in April 2025. In 2023, SymPhysis Medical won the MedTech Collaboration Award at the Irish MedTech Awards for its partnership with Britain’s National Innovation Centre for Ageing.

In the same year, the company won the Excellence in Innovation Award at the Life Science Industry Awards.