Glasgow, UK - 02 September 2021
SURE Retractors Inc. Raises Over $1.5M of Series Seed Preferred Stock
SURE Retractors Inc. ("SURE"), a medical devices company founded in Glasgow, Scotland, has raised over $1.5M in its series seed round to develop and launch the SURE retractor product pipeline. Concentra Capital Group, LLC acted as the company's exclusive financial advisor in connection with the capital raise.
The Sure Retractor System offers physicians a radiolucent, single-use, sterile retractor which reduces X-ray exposure for the patient and surgical team, thereby offering a safer working environment for all staff while also reducing OR time. The single-use aspect reduces the risk of infection for patients and allows more planning and throughput of surgical cases, which is even more relevant given the pressure on all aspects of the healthcare system exerted by COVID-19.
SURE previously formed a US Advisory Board which will assist the company in bringing its revolutionary technology to the US market.
The lead investor in this critical round was Vince Proffitt, owner and operator of Spartan Medical ("Spartan"). Spartan is a rapidly growing U.S.-based supplier of advanced medical technologies, with 32 U.S. core employees, and over 100 independent contractors nationwide. Spartan is considered a top priority vendor to the US Department of Veterans Affairs ("VA") and US Department of Defense ("DoD") as a CVE-certified Service-Disabled Veteran-Owned Small Business. Spartan has been awarded 600+ Federal Government contracts including multi-year Blanket Purchase Agreements at over 30 major military treatment facilities with 13+ years of flawless performance.
"This retractor is completely unique in the marketplace, and offers significant benefits to healthcare institutions - both in VA/DoD hospitals, where Spartan has well established relationships with the U.S. Government - and in the public hospitals and further afield. This will be a new distinctive offering to the spinal market, one that will generate interest throughout the entire Orthopedic community, ultimately leading to substantial public health benefits across the country. We look forward to offering SURE's spinal retractors to our customers as well as expanding SURE's product awareness here in the US market," said Mr. Proffitt of Spartan Medical.
SURE has already proven the concept of single-use sterile radiolucent retractors with positive feedback from a number of surgeons.
Forbes Butterfield, CEO of SURE, added "We have a disruptive technology, and our aim always has been to develop our IP protected pipeline of products to take to the U.S. market. As the market changes post-Covid, with more surgeries being done in the Ambulatory Surgery Centres, we believe our technology will help improve procedural efficiency, reduce overall costs and provide surgeons with surgical benefits in the OR.
We look forward to working with Vince, his team and our US Advisory Board, as their experience in the U.S. can only help us achieve our goals. In spite of the pandemic, we have been working hard on the R&D side and will launch our microdisc retractor in Q1 2022."
Further information is available at https://suresystem.com.
Concentra Capital Group, LLC (http://www.concentracapitalgroup.com/) is a client-focused investment banking firm that assists privately-held businesses with capital raising and strategic merger and acquisition transactions. Broker-dealer services are provided by Pickwick Capital Partners, LLC (https://www.pickwickcapitalpartners.com/) - Member FINRA (https://www.finra.org/#/), SIPC (https://www.sipc.org/).
SURE was represented by Wilson Sonsini Goodrich & Rosati in the US and Fraser Morrison of McKee Campbell Morrison Ltd. in Glasgow. Spartan Medical was represented by Duane Morris LLP.
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