Trio Healthcare has secured a second round of funding from US specialist finance company, SWK Holdings Corporation (Nasdaq: SWKH) (“SWK”). The funding, approximately $10m in total, will support Trio’s R&D and manufacturing as it scales up operations to support a large-scale global roll-out of Trio’s world-first stoma bag, GeniiTM. This follows SWK’s previous funding of Trio in October 2020.
It comes as the company gears up to grow its share of the ostomy products market against the more established players.
The funds will also be used to support Trio’s rapid international expansion. The company is looking to grow its US presence in particular over the course of 2021, and is in the process of assembling a US-based senior team to oversee American operations.
In April 2021, Trio appointed two new international directors to manage Middle Eastern and Asia Pacific markets, as it looked to expand its export operations into key growth regions. Trio’s products are now sold in over 25 countries worldwide, with plans for further international expansion on the horizon to allow ostomates around the world to enjoy the benefits of GeniiTM, the world’s only stoma bag to incorporate silicone. A full global launch is targeted in Q1 2022.
Founded in 2006 by CEO Lloyd Pearce, Trio develops and manufactures a range of market-leading silicone-based ostomy products that use its patented Sil2TM technology. Its ranges are designed to provide stoma patients with access to products that are gentler to the skin as compared to traditional products, which use hydrocolloid adhesive. As silicone repels, rather than absorbs, waste material, adhesion can stay intact, allowing the skin to breathe and avoiding damage upon removal.
Richard Anderson said: “Trio has achieved a strong start to 2021, and this second round of funding from SWK Holdings will enable us to continue the momentum we’ve gathered over the first half of the year. The team has provided invaluable support over the last nine months, and as we look to accelerate our domestic and international growth even further, their backing will be vital.
“Both the Trio and SWK teams recognise the huge untapped potential of the global ostomy market. It’s a sector predicted to reach $4 billion in 2021, yet the largest ostomy product developers have continually failed to modernise. Trio’s silicone-based ranges challenge this, providing the first real innovation in ostomy care in over forty years. We genuinely believe there’s real scope here for us to become the North West’s first medtech unicorn.
“Ultimately, our mission is to improve the daily lives of people living with a stoma, by creating care products that match their needs and daily routines. Through the support of key partners, such as SWK, we’ll be able to reach even more patients, with even more products, to provide a better quality of life for ostomates.”
Winston Black, CEO at Dallas-based SWK Holdings Corporation, commented: “Having first provided funding in late 2020, SWK Holdings has continued to be impressed by Trio’s performance and potential for future growth. The company’s unique R&D, ambitious leadership team and talent has provided a solid basis for rapid expansion. It is one of the most innovative companies within ostomy care, with its products providing a real point of difference in the market. We look forward to continuing our partnership, and supporting Trio’s growth journey.”