Minimally Invasive Devices Adds $2.5 Million to its Series B
COLUMBUS, Ohio, June 17, 2013 /PRNewswire/ -- Minimally Invasive Devices, Inc. (MID) today announced it has raised an additional $2.5 million from Radius Ventures, topping off its Series B financing at $11.5 million. The Series B originally raised $9 million in a financing led by Canaan Partners with participation by existing investor, Charter Life Sciences.
FloShield™, MID's flagship laparoscopic vision system is the first and only product that actually maintains a clear field of vision from beginning-to-end in laparoscopic surgery procedures. FloShield technology easily attaches to modern HD vision systems, enabling surgery to occur without interruption, loss of vision, or the need to remove the scope for cleaning. Such removals are time consuming, interfere with the focus of the operative team, and frequently occur during critical points in surgery when optimal vision is critical, leading to surgeon frustration.
"Currently, surgeons will lose vision and need to stop surgery to clean the lens externally as often as ten times per hour," said Wayne Poll, MD, founder and CEO of MID. "We believe that surgeons will appreciate and value the benefits of a consistently clear view and will come to expect this as a standard, without nostalgia for the days they needed to clean the lens constantly when vision was lost."
FloShield produces an air vortex to form an invisible protective barrier over the lens, preventing debris and fogging. This system is augmented by the Flo-X lens wash, a biocompatible surfactant that will flush the lens inside the body if needed. Generation III FloShield is now launching, which improves further upon the system's in situ flush capabilities.
Funds will be used for sales and marketing, clinical studies, the generation of outcomes data and additional product development.
Jordan Davis, Managing Partner of Radius Ventures commented, "FloShield has hit a bullseye in delivering on the number one need of all laparoscopic surgeons – that is, avoiding loss of vision due to debris and fogging of the lens, particularly during long, complex procedures. No other technology to date has been able to achieve a continual, clear field of vision throughout such procedures, enabling surgeons to remain in control, maximizing operating room efficiency and potentially safety."
About Minimally Invasive Devices, Inc.
Minimally Invasive Devices, Inc. (MID) has developed and manufactures the FloShield™ laparoscopic vision system, the first device that prevents loss of vision during laparoscopic surgery due to obscuration of the optics.
About Radius Ventures, LLC
Founded in 1997, Radius Ventures is a venture capital firm that invests in expansion-stage health and life sciences companies. Radius has a deep understanding of the complexities and opportunities that drive successful health and life sciences investing. The firm's goal is to identify companies on the cusp of major value creation with the objective of achieving liquidity within a three- to five-year time frame. Central to the firm's investment strategy is providing growth capital to well-managed companies addressing large markets with attractive adoption dynamics. Ideal investment candidates are capital efficient with scalable business models and compelling value propositions. For more information visit www.radiusventures.com.
SOURCE Minimally Invasive Devices, Inc.