PROVIDENCE — Drawing from a $1.25 million nondilutive award from the Rhode Island Life Science Hub, Ireland-based SymPhysis Medical will establish its first U.S. headquarters in the Ocean State.
SymPhysis, headquartered in Galway, is developing technology, the "releaze" drainage system, intended to treat patients with pleural effusion. The condition is characterized by fluid build-up around the lungs and severe breathlessness, and is diagnosed in more than 1.5 million Americans each year.
The company will base its U.S. operations in RILSH's Ocean State Labs and initially focus on commercializing treatments for
malignant pleural effusion, which commonly occurs in patients with advanced cancer.
Rhode Island native David Uffer serves as SymPhysis' nonexecutive director. Uffer said in a statement that the company has plans to scale within the Ocean State over the next two to three years.
"That includes hiring roles locally and building long-term roots through Ocean State Labs and the wider Rhode Island medtech and academic network," Uffer said.
The life sciences hub offered SymPhysis the financial award as part of its New Business Attraction program, which was created to attract high-growth companies preparing to build U.S. operations.
Mark A. Turco, president and CEO of the hub, said in a statement that the award "reflects Rhode Island’s strategy to attract high-growth life sciences companies that are prepared to build a meaningful presence in the state.
"SymPhysis represents the type of innovation-led business we want scaling from Rhode Island," he continued.
The hub last month celebrated the opening of
Ocean State Labs, Rhode Island's first dedicated life sciences incubator, with six inaugural tenants.
SymPhysis co-founder and CEO Tim Jones said that the financial award will help the company gain early entry into the U.S. market.
"Rhode Island gives us a practical home for our U.S. build, with the right ecosystem around medtech and life sciences,” Jones said. "This funding supports the work needed to establish our U.S. headquarters and advance [its product] toward U.S. regulatory clearance."
Gov. Daniel J. McKee welcomed the company as a testament to the state's efforts to grow its biotech industry.
"Ocean State Labs is the ideal home for SymPhysis Medical, where it will have access to a network of medtech experts in both industry and academia," McKee said. "Our investment in the RI Life Science Hub continues to produce innovative businesses."
Jacquelyn Voghel is a PBN staff writer. You may reach her at Voghel@PBN.com.
