Egg Medical, Inc. Closes on $13 million Financing

ARDEN HILLS, Minn., March 3, 2022 /PRNewswire/ -- Egg Medical, Inc., a medical device company commercializing technologies to reduce scatter radiation exposure during interventional angiographic procedures, today announced the closing of a $13 million financing round. The round was led by TVM Capital Life Science, a transatlantic venture capital firm investing in life science innovation. The proceeds from this financing will be used to accelerate commercialization of Egg Medical's scatter radiation protection platform, the EggNest™. The EggNest™ protects staff in hospital x-ray labs (cardiac catheterization, electrophysiology, interventional radiology, and operating rooms) from x-ray exposure. Proceeds will also be used to develop future platforms that will expand Egg Medical's offerings and further address unmet needs for healthcare professionals at risk of radiation-related illness due to long-term exposure to scatter radiation.

"Occupational exposure of hospital staff to x-rays during medical procedures is an important workplace risk. Almost everyone in the interventional cardiology and radiology profession knows someone with a radiation related illness. There have been minimal improvements in x-ray shielding over the past 30 years, leaving the medical teams working in these environments exposed to scatter radiation every day," said Robert F. Wilson MD, Egg Medical CEO. "The EggNest™ platform addresses the problem of hospital personnel radiation exposure for everyone working in these environments by reducing the exposure to scatter radiation by over 90%."

Joining the Egg Medical Board of Directors will be Dr. Luc Marengère, Managing Partner and Dr. Sascha Berger, General Partner, for TVM Capital Life Science, who both bring a track record of building successful entrepreneurial companies within life science start-ups.

Dr. Luc Marengère stated, "TVM Capital Life Science believes Egg Medical has a unique opportunity and approach to address a significant unmet need in protecting healthcare workers from the damaging consequences of scatter radiation. It has the potential to transform how procedures are performed by making staff safety a priority." Dr. Sascha Berger added that "Egg Medical fits our investment philosophy of actively seeking investments in innovative later-stage health science companies, with an experienced and proven management team."

About Scatter Radiation

Scatter radiation is a form of secondary radiation created when the primary x-ray beam used to image the patient's anatomy during interventional fluoroscopy procedures is reflected off the patient's body in the procedure room. Physicians and staff who work in these environments are exposed to scatter radiation during medical procedures (such as angioplasty, stenting, and transcatheter valve treatment), putting them at increased risk for long-term health effects. Mounting published data show a link between this occupational radiation exposure and cancer, cataracts, hypertension, and neuro-degenerative issues, despite the use of standard x-ray shielding.

About the EggNest™ XR

The EggNest™ XR is a comprehensive, scatter radiation protection system fully integrated into the workflow of the modern Cath Lab. The system is built on a novel carbon fiber platform with integrated radiation shielding that replaces the patient mattress on the x-ray table. It protects the entire medical team regardless of location, dramatically reducing scatter radiation exposure. Testing performed by the company and confirmed by independent hospital studies have shown that the EggNest™ system reduces room scatter radiation by over 91%.

About TVM Capital Life Science

TVM Capital Life Science is a transatlantic Venture Capital pioneer with teams based in North America and Europe. For more than 35 years TVM Capital Life Science provides entrepreneurs and innovation-seeking biopharmaceutical and MedTech companies access to venture capital, currently investing out of its TVM Life Science Innovation II fund with a volume of $480 million. The TVM Capital Life Science team looks back on more than 130 investments and over 90 exits, including more than 45 initial public offerings on all major U.S. and European stock exchanges.

SOURCE Egg Medical