The Hindu BusinessLine: May, 2014
Chennai: Chennai-based medical equipment maker Perfint Healthcare has got the approval of the US Food and Drug Administration to market its product MAXIO, an assistive device in minimally invasive cancer surgeries.
Perfint began sales of the product in emerging markets 10 months ago, selling about a 100 of them in emerging markets such as India, China, and some countries in the eastern Europe. With the opening of the US market, the company expects its revenue to double in the current fiscal to Rs. 100 crore.
MAXIO will be sold in the US at about half the cost of a robotic surgery system, which costs around $1 million.
“The American market is tightly contested, but our product is among a few devices that offer integrated assistance, from spotting the cancer to planning the placement of needles to removing it,” said S Nandakumar, Chief Executive Officer, Perfint, adding that the US entry coincides with increasing awareness about minimal invasive surgeries.
Roy Santhosham, a radiology professor who helped Perfint with the product developmentsaid the firm has begun talks with private equity players for funding up to $50 million. The talks are expected to conclude in three months.
Accel Partners and IDG Ventures came on board in 2007 through a $3.5 million PE investment, and Norwest Venture Partners invested $7.2 million in 2010, and made successive funding thereafter. “The incoming investment will go towards market expansion in India and abroad, and our ultrasound cancer therapy product in the works,” said Nandakumar.