CM Portfolio Company ZipLine Medical, Inc. announced it has completed a $19 million round of financing. Proceeds from the financing will be used to accelerate worldwide commercialization activities for its Zip® Surgical Skin Closure products. The financing was led by new investor, MVM Life Science Partners LLP(“MVM”), a venture capital firm based in London and Boston, which invests broadly across the healthcare sector. China Materialia LLC also participated in the financing.
“I am impressed by the broad applicability as well as extensive clinical and economic benefits of ZipLine’s products. This makes ZipLine® a perfect fit in our healthcare investment portfolio,” said Bali Muralidhar, M.D., Ph.D., partner at MVM. “We are pleased to participate in this new infusion of capital to help carry the company to the next level of growth and commercial success,” added Stephen Reeders, M.D., Ph.D., managing partner at MVM. Both Dr Muralidhar and Dr Reeders have joined ZipLine’s Board of Directors.
“This financing allows us to further expand our global sales and marketing activities leveraging the favorable clinical study results and strong support from key opinion leaders among clinicians,” said John Tighe, President and CEO of ZipLine Medical.
Studies continue to demonstrate the clinical and economic benefits of the Zip® Surgical Skin Closure device. As presented at the 2015 ISTA Conference in Vienna, a recent knee arthroplasty study at Hospital for Special Surgery in New York showed that, compared to staples, patients with the Zip device had significantly fewer wound complications, required no home health nurse visit (for removal), and had no patient-reported problems or wound-related readmissions. Similarly, as presented at the 2015 APHRS Conference in Melbourne, Australia, a pacemaker study at UCSD in San Diego, CA, showed that, compared to sutures, patients with the Zip® device had significant procedure time savings, less variance in wound closure time, and suture-like cosmetic outcomes.
ZipLine® Medical (www.ziplinemedical.com), founded by Amir Belson, M.D., and headquartered in Campbell, CA, is a medical device company that has developed cost-effective, noninvasive surgical skin closure devices for suture-like outcomes at the speed of staples. Over 25,000 surgical procedures have been performed worldwide with Zip® Surgical Skin Closure devices, and the Zip® is sold in over 30 countries. 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.
ZipLine and Zip are registered trademarks of ZipLine Medical, Inc.