Protego develops sternal device for cardiac surgery with start-up investment from MRCF

Oct 31 2013

Protego Medical Pty Ltd, an early stage medical technology company developing a medical device for sternal protection during cardiac surgery, was launched today with AU$2M start-up financing from Australia’s Medical Research Commercialisation Fund (MRCF). At the same time, the Company announced the appointment of Pablo Solis as CEO.

Protego’s sternal protection technology was developed originally by Dr Randall Moshinsky, a Melbourne-based cardiothoracic surgeon. The MRCF, which is managed by Brandon Capital Partners, has committed AU$2 million over the next two years to progress the technology into a preliminary clinical trial in the coming year and a wider international trial program in the following year.  

Dr Moshinsky commented:

“The device is intended to overcome an unmet need in cardiac surgery: bleeding from the divided sternum which results in increased morbidity and complication rates. The device will also reduce trauma to, and fractures of the sternum from the sternal retractor. This in turn will result in less post-operative pain. The device may also reduce the risk of sternal wound infection by reducing the risk of inoculation by bacteria”.

Mr Pablo Solis, the new CEO of Protego added:

“1.2 Million cardiac operations take place each year in the USA and Europe and sternal bleeding and trauma can greatly impede the recovery of patients. This simple technology has excellent potential to both reduce blood loss and also protect the sternum during heart operations. These improved outcomes will impact on both surgeon satisfaction and patient wellbeing, and will also importantly save money through the resulting lower complication rates and faster recovery times.”

Commenting on the foundation of Protego, Dr Ingmar Wahlqvist, Director of Protego and Investment Manager at the MRCF, said:

“Protego is precisely the kind of investment opportunity that the MRCF was established to support. The Company’s technology should be appealing to surgeons since the reduction in sternal bleeding will make cardiothoracic procedures easier to execute and as well as reducing complications. This addresses a significant market opportunity and will ultimately also improve patient outcomes. We look forward to progressing the device through clinical development to commercialisation.”

Protego is due to enter initial clinical investigations under the direction of principal investigator Dr Silvana Marasco, a cardiac surgeon at the Alfred Hospital, Melbourne in mid 2014.

Source: http://www.mrcf.com.au/