ZAP Surgical Systems, Inc., a medical technology company developing a next-generation radiosurgical robot for non-invasive tumor ablation, today announced the completion of an equity financing round that raised an aggregate total of US$81 million. The round was led by Primavera Capital Group, with participation from GT Healthcare Capital Partners, Chow Tai Fook Enterprises, ShangBay Capital, and Hogy Medical, who joined existing investors Foxconn Technology Group and Varian Medical Systems. The Company has now raised more than US$160 million in financing capital to date. Funds from the latest financing round will be used to accelerate the commercialization of the Company’s FDA cleared ZAP-X® surgical robot for the treatment of cancer and other brain disorders.
“Although over the past 3 decades stereotactic radiosurgery has become a well-established non-invasive tool for treating a broad array of human pathologies, globally more than 2 million people who suffer from brain, head & neck cancer annually go untreated,” said John R. Adler, MD, Stanford Professor of Neurosurgery and founder & CEO of ZAP Surgical Systems. “ZAP Surgical welcomes this group of world-class investors in our now common quest to transform the lives, and very often cure, millions of patients each year by means of the ZAP-X surgical robot.”
“We are very excited to be a part of this highly promising, innovative, mission-driven medical device company at an early stage in its commercial development,” said Dr. Fred Hu, Chairman and Founder of Primavera Capital Group. “Dr. Adler is a true visionary in this field, and his team’s latest invention will provide cutting-edge technology to millions of patients around the world. It fits Primavera’s mission of supporting entrepreneurs who combine both commercial success and social impact globally.”
The ZAP-X platform is an integrated robotic software and hardware solution currently FDA-cleared to provide image-guided stereotactic radiosurgery for tumors, lesions and conditions in the brain, head and neck. ZAP-X incorporates a unique self-shielded design that typically eliminates the need for costly radiation bunkers. Combining this first-in-kind vault-free design with cobalt-free radiation delivery, the ZAP-X platform enables significant improvements to the delivery of cost-effective care with the goal of bringing world-class non-invasive radiosurgery to more providers, and subsequently, more patients.
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Source: PR Newswire
