CLEVELAND, Dec. 13, 2016 /PRNewswire/ -- Surgical navigation startup Centerline Biomedical, Inc. closed a Series A funding round in December 2016. This significant milestone comes on the heels of several preclinical studies and builds upon successful financing and outreach achieved over the course of 2016, driving the company forward in its commercialization mission.
Centerline is commercializing the Intra-Operative Positioning System (IOPS), a revolutionary navigation technology for endovascular surgery. These procedures currently rely on X-ray fluoroscopy, which provides limited visualization while exposing surgeons and patients to cancer-causing radiation. IOPS uses a model of a patient's arteries coupled with a miniaturized GPS-like system to provide precise 3-D guidance without X-ray exposure. Its enhanced visualization stands to improve care and safety while reducing procedure durations, complication rates, and overall costs.
Centerline is a joint venture of G2 Group Ventures, a private investment group located in the Washington, DC area with expertise in business, innovation, commercialization, finance, and technical development, and Cleveland Clinic, who originally developed the IOPS technology. Since beginning operations in November 2014, Centerline has garnered tremendous investor support, raising $6.7 million, including $4.3 million in 2016 alone through follow-on investments from G2 and Cleveland Clinic and a $2.75 million Series A. Outside funding sources include angel investors, private equity, and competitive grants.
IOPS' use has been evaluated in a series of preclinical studies performed by international experts and thought leaders in minimally-invasive aortic repair: Dr. Matthew Eagleton, Vascular Surgery Director of the Cleveland Clinic Aortic Center and chair of Centerline's Scientific Advisory Board, with associated financial interest in the company; Dr. Mark Farber, Director of the University of North Carolina Aortic Center; and Dr. Dipankar Mukherjee, Chief of Vascular Surgery for Inova Fairfax Hospital in Virginia. This preclinical work elicited glowing reviews from each surgeon and established critical design inputs for the IOPS technology, propelling Centerline forward in its technical and business development.
Centerline will continue fundraising into 2017 to further its mission of commercializing the IOPS technology, gearing up for market entry in 2017.
Please visit Centerline Biomedical online at http://www.centerlinebiomedical.com/.
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SOURCE Centerline Biomedical