Lazzaro Medical secures $1M investment from Northwell Health
BOULDER — Lazzaro Medical LLC, a Boulder-based medical device company seeking to treat a rare disease that causes breakdown of the trachea, has received a $1 million strategic investment from Northwell Health, New York State’s largest health care provider.
The investment will support development of Lazzaro’s treatment for Tracheobronchomalacia, a degenerative disease that causes collapse of the airway due to the breakdown of cartilage in the trachea, the company said in a press release
Lazzaro’s treatment incorporates the company’s Minimally Invasive Tracheal Repair surgery using its newly patented LM Scaffold System, developed by robotic thoracic surgeon Dr. Richard Lazzaro, the system is designed to increase safety and decrease time to perform the procedure.
“In the United States, TBM is estimated to be present in half of the nation’s 16 million COPD patients. Previous treatment was worse than the disease for many potential patients,” Lazzaro, co-founder and chief medical officer of Lazzaro Medical, said in a written statement. “The LM Scaffold System will dramatically reduce operating times by an estimated 50% and shorten patient recovery time from months to weeks.”
The funding will be used to prepare the company’s submission to the U.S. Food and Drug Administration and support its upcoming commercial launch. Future funding rounds will support Lazzaro Medical’s platform expansion, including a diagnostic endoscope, training programs for thoracic surgeons and additional devices to further simplify the procedure.
“Dr. Lazzaro’s work is truly life-changing for so many people,” said Richard Mulry, president & CEO of Northwell Holdings. “We look forward to seeing the company’s progress and are delighted Northwell can play a part in supporting these efforts.”
Northwell’s investment takes Lazzaro’s total fundraising to $2 million, including a $250,000 grant from the Global Business Development division of the Colorado Office of Economic Development and International Trade Advanced Industries Accelerator Grant Program.
“We’re thrilled to welcome this strategic investment from Northwell, a world-class leader driving innovation in patient outcomes and care,” said Rob Israel, Co-Founder and CDO of Lazzaro Medical. “We’ll be able to expedite our regulatory process and bring our LM Scaffold System solution to market more quickly while adding to our growing patent portfolio.”