The landscape of surgical robotics is very different from what it was ten years ago. There are more competitors and segments are multiplying in the rapidly growing space.
According to a report by Grand View Search.
Although it can be a bit daunting to carve out a stronghold in space, Virtuoso Surgical, a manufacturer of surgical robotics, said it stands out from other competitors and creates a “4th lane on the highway of surgical robotics”.
To support its mission and grow its technology, the Nashville, Tennessee-based company announced that its $20 million stock offering is under review by the Securities and Exchange Commission.
“The interesting thing about what we’re doing is that we’re aiming for a completely non-robot segment of surgery,” Duke Herrell, co-founder, interim CEO and CMO of Virtuoso Surgical, told MD+DI. “We are not in competition with Intuitive [Surgical] or one of their territories. The way I see robotics is that there are four paths, which have to handle the approaches. There is multi-port laparoscopy, in which the original da vinci and some of the systems that currently exist in the world compete. There’s a unique port da Vinci has the Sp and there’s a bunch of other companies like Titan and Vicarious and other people trying to compete. Then there is flexible, where [Johnson & Johnson] and Auris are in competition. But there is, to our knowledge, no one else in this rigid endoscopy space.
He added: “I think it has to do with the fact that to improve rigid endoscopy we need to be able to dexterously retract, expose and move again at an incredibly small size.”
The Virtuoso Surgical System has demonstrated feasibility in animal, cadaver, and tissue model studies in surgeries for bladder cancer, uterine fibroids (among other intrauterine procedures), enlarged prostate ( benign prostatic hyperplasia – BPH), removal of central airway obstruction and endoscopic neurosurgery.
The system includes a pair of instrument delivery arms made of concentric nitinol tools that mimic a surgeon’s hands to provide unprecedented control and dexterity for a full range of endoscopic applications. System technology was developed by Virtuoso founders at Johns Hopkins University and Vanderbilt University with funding from the National Science Foundation and the National Institutes of Health.
“Cocentric tube robots are small nitinol tubes that are thermoformed into curves,” Herrell said. “Then if you put a smaller tube inside a larger tube and you translate and rotate the two tubes relative to each other and the other on the tubes can also be straightened or curled, you get these tentacle-like interactions Our current arms or tools are 1 millimeter.
The funding will help take the company’s technology to the next level.
Herrell said Virtuoso hopes to complete the design of our system by the end of this year and perform final system testing in 2023. He noted that the capital raised through the common stock offering would propel the system to through final design, testing, and FDA approval.