China Materialia lead a $5.7 million extension round for Campbell California-based Zipline Medical. The financing extension included participation from existing investors RA Capital Management, Claremont Creek Ventures and XSeed Capital. Proceeds from the Series C extension will be used to expand sales and marketing activities.
“The noninvasive Zip® Surgical Skin Closure device is a transformative product with numerous applications across many markets around the world,” said Min Zhou, PhD, co-founder and CEO of China Materialia. “We see that Zip® is bringing significant benefits to patients while reducing hospital cost and infection rate. We are happy to support ZipLine Medical and help its expansion into China market,” added Dr. Zhou, who has joined ZipLine’s board of directors.
“This Series C extension allows us to further expand our sales and marketing activities to leverage the overwhelming support we are receiving from key opinion leaders among clinicians,” said John Tighe, President and CEO of ZipLine Medical.
Zipline medical is a medical device company developing cost-effective, noninvasive surgical skin closure devices for suture-like outcomes at the speed of staples, with a reduced risk of surgical site infection. Because skin-closure is the common denominator of nearly all surgical procedures, Zip® Surgical Skin Closure devices have extensive applicability across multiple medical specialties. The Company’s addressable market opportunity is estimated at $4 billion worldwide. Zip® Surgical Skin Closure devices are classified by the U.S. FDA as ‘Class I, 510(k) Exempt’ and have received CE Mark.