• Micro Interventional Devices

  Participated · Series D · Mar 2019

  Micro Interventional Devices (MID) designs, develops and commercializes proprietary percutaneous technologies focused on structural heart disease. Its lead technology is MIA™ (Minimally Invasive Annuloplasty), intended for percutaneous treatment of tricuspid and mitral regurgitation. The company is completing the STTAR (Study of Transcatheter Tricuspid Annular Repair) clinical trial to evaluate MIA’s safety and efficacy. MID announced a strategic alliance with Oscor to further develop and commercialize solutions for structural heart disease. Under that alliance MID acquired a non-exclusive worldwide license to Oscor’s patented catheter technology while Oscor received exclusive manufacturing rights to MID’s MIA devices. The company is using the recent financing to complete its ongoing clinical study and advance commercialization efforts. Micro Interventional Devices (MID) is an emerging cardiovascular medical device company based in Bethlehem, PA, founded in May 2010. Its core product, Permaseal, is described as the first transapical access device to enable true "self-sealing," sutureless cardiac access and closure. Permaseal is designed to enable a range of structural heart repair procedures including transcatheter aortic valve implantation (TAVI) and mitral valve replacement and repair. MID is also developing percutaneous transapical and large bore femoral access and closure devices using proprietary soft-tissue anchoring technology that enables off-pump procedures. Financially, MID has secured $3.5M of an expected $5M Series B financing. The company intends to use the funding to advance Permaseal development, complete the STASIS clinical study, pursue CE Mark approval, and support ongoing R&D. Micro Interventional Devices is developing solutions for a wide range of structural heart repair procedures. The company is working on a new minimally invasive structural heart repair product called Permaseal™ and intends to use recent funding to develop and begin commercializing it. Micro Interventional Devices received a $100k loan from the Ben Franklin Technology Partners of Northeastern Pennsylvania. The company was founded in 2010 and is led by CEO Michael P. Whitman and CSO Willard Hennemann, PhD. Its development work targets procedures including TAVI, transcatheter mitral valve replacement, LVAD placement, mitral valve repair, valvuloplasty, aortic arch repair, ASD/VSD closure, left atrial appendage closure, and arrhythmia ablation. Micro Interventional Devices develops Permaseal, a sutureless closure device that uses soft tissue anchors and biocompatible elastomers to form a web structure around myocardial access sites and provide hemostatic left-ventricle access during minimally invasive cardiac procedures. The device is applied before transcatheter aortic valve implantation (TAVI) and constricts around the ventricular opening after guidewire extraction; the company is also pursuing use in transcatheter mitral valve replacement and mitral valve repair. The company was launched in 2010 in Bethlehem, Pennsylvania, and is pursuing CE-mark clinical evaluation (the STASIS study) and commercialization in Europe. A 40-person European STASIS trial scheduled for Q3 will evaluate safety and performance for left ventricular transapical access and closure, with procedure time as a secondary endpoint and top-line results expected in Q4. Financially, Micro Interventional Devices secured a $500,000 bridge financing earlier this year (with Life Sciences Greenhouse of Central Pennsylvania contributing) and counts Battelle Ventures, New Hope Ventures and Ben Franklin Technology Partners of Northeastern Pennsylvania among its investors. The company is commencing a Series B in September seeking $5–8 million to complete CE mark approval and support European commercialization. Micro Interventional Devices (MID) is an early-stage cardiovascular medical device company founded in May 2010 and located in Bethlehem, PA. MID's initial product offering is Permaseal, a patent-pending minimally invasive access and wound-closure device designed to move with the beating heart while keeping wound edges closed. Permaseal enables sutureless healing, and the company describes it as cost- and time-efficient for structural heart repair procedures. The device provides a biocompatible implant affixed to the apex of the heart to create a transmyocardial access site for procedures such as TAVI, transcatheter mitral valve replacement, mitral valve repair, LVAD placement, ASD/VSD closure, left atrial appendage closure and arrhythmia ablation. MID says its proprietary soft-tissue anchoring and delivery-device technology enables off-pump procedures and aims for Permaseal to become a new standard of care. Michael Whitman is named as President & CEO in the announcement.

• Cernostics

  Participated · Series A · Mar 2018

  Cernostics is a Pittsburgh, PA–based company advancing the TissueCypher® Barrett’s Esophagus Assay. The assay predicts risk of development of esophageal cancer in patients with Barrett’s esophagus and provides actionable information to gastroenterologists, pathologists and patients. Led by CEO Mike Hoerres, the company focuses on next‑generation cancer diagnostics and prognostics. Cernostics raised $2.5M in a Series A1 financing and has now brought total funding to $13M. The company intends to use the new funds to intensify clinical and market development studies for its assay. Backers include Illumina Ventures, UPMC Enterprises, Novitas Capital, Geisinger Health System, the Pittsburgh Life Sciences Greenhouse and Ben Franklin Technology Partners of Northeastern PA. Cernostics develops the TissueCypher™ platform, which uses digitally scanned biopsy-slide images to measure and analyze more than 13,000 features per patient sample, including multiple protein biomarkers. The platform produces individualized, actionable scores that indicate diagnosis, prognosis, or response to therapy. The company has developed a test for patients with Barrett’s Esophagus that identifies high-risk individuals who are nearly 10 times more likely to progress to esophageal cancer within five years compared with low-risk patients. Cernostics says the test could enable earlier intervention for high-risk patients and spare low-risk patients from frequent, unnecessary endoscopies and treatments. The company is led by CEO Mike Hoerres and intends to use the new funding to grow and accelerate introduction of its Barrett’s Esophagus diagnostic test. Prior investors include Geisinger, Ben Franklin Technology Partners of Northeastern Pennsylvania, and the Pittsburgh Life Sciences Greenhouse. Cernostics develops TissueCypher, a molecular diagnostic that simultaneously evaluates multiple cells and processes in a single biopsy to assess risk of progression from Barrett’s esophagus to esophageal cancer. The company is working with Geisinger Health System and collaborating with the University of Pennsylvania, University of Pittsburgh and the Academic Medical Center in Amsterdam for clinical validation. Its partnership with the Academic Medical Center provides access to one of the largest Barrett’s esophagus patient registries, which Cernostics is using alongside other data to complete validation studies. Cernostics is also applying the TissueCypher technology to develop tests for lung, breast and colon cancers. Financially, the company received a $100,000 follow-on grant from Ben Franklin Technology Partners of Northeastern Pennsylvania and previously raised a $1.4 million Series B in the third quarter last year. The Series B funding is being used to speed commercialization of its lead diagnostic. Cernostics develops TissueCipher Pathology, a diagnostic approach that combines digital imaging pathology, fluorescence biomarkers, informatics and EMR systems to predict risk of progression from Barrett’s esophagus to esophageal cancer. The company aims to speed up testing, reduce costs, improve test quality and enable individualized patient treatments, and intends to replace a current test that generates false positives and can’t detect abnormal cell structures. Cernostics is based in Danville, Pennsylvania, and formed a partnership with Geisinger Health System in 2010. Earlier this year it added two scientific advisers: Dr. John M. Inadomi of the University of Washington and Robert F. Murphy of Carnegie Mellon University. Financially, Cernostics raised $1.4 million in a recent financing and has previously received investments from Ben Franklin Technology Partners of Northeastern Pennsylvania. Cernostics has developed a systems approach to evaluating tissues via anatomic pathology that simultaneously measures immune, stromal, stem cell and tumor biomarkers on a single slide while preserving tissue structure. The company is developing molecular diagnostic and prognostic tests, including a test to predict the risk of developing esophageal cancer in patients with Barrett’s Esophagus. Cernostics intends to validate that test using biopsy specimens and clinical data from Geisinger Health System, Danville, to select and refine biomarkers and complete software development. Leadership cited in the article includes CEO Mike Hoerres and Rebecca Critchley-Thorne, Ph.D., Director of Biomarker & Diagnostic Development. The company plans additional clinical validation studies that will support commercialization of the test via Cernostics’ clinical reference laboratory. Financially, the company received a $100K loan to fund the validation work.

• TB Biosciences

  Participated · Series A · Jul 2013

  TB Biosciences is developing an accurate, easy-to-use, affordable rapid point-of-care test intended to replace the unreliable sputum smear for diagnosing active tuberculosis. The company uses an array of patented peptides, developed and exclusively licensed from NYU School of Medicine, derived from the tuberculosis genome to detect antibodies in patients. Preliminary performance data using samples from endemic countries yielded sensitivity greater than 90%, and the test is designed to detect active TB in children, adults and people co‑infected with HIV. The technology was developed over the past 20 years at NYU School of Medicine under Suman Laal, Ph.D., and the company was founded in June 2013. Product development efforts will occur in Bethlehem, Pa., and the company plans clinical trials to validate and optimize the test. Leadership includes CEO and co‑founder Sam Niedbala, who previously helped commercialize rapid infectious disease tests at OraSure Technologies.

• Hydro4GE

  Led · Equity · Oct 2010

  Hydro4GE offers an Online-Development-Environment (ODE) PaaS designed to enable development of highly complex and adaptable software systems through an online environment. The ODE aims to deliver substantial programmer productivity gains, rapid application prototyping, and ongoing support efficiencies. The company plans to use recent funding to complete product beta testing, finalize licensing documentation, and complete branding required for full release. Hydro4GE was conceived and developed by the team at Software Engineering Associates (SEA) and operates from the Scranton Enterprise Center business incubator. The team includes SEA employees and involves faculty from The University of Scranton and Misericordia University.

• ClydeTec Systems

  Led · Equity · Feb 2010

  ClydeTec Systems, Inc. is an early-stage company based in Orefield. The company was one of seven early-stage firms selected to receive funding from the Ben Franklin Technology Partners of Northeastern Pennsylvania (BFTP/NEP). On 17 February 2010 BFTP/NEP invested $35,000 in ClydeTec as part of a broader $599,800 program supporting nine small and medium enterprises. Ben Franklin Technology Partners of Northeastern Pennsylvania is described in the article as a state-funded economic development organization. The program funded six other early-stage companies and two established manufacturers. The article does not provide details about ClydeTec's product, financial metrics, or use of the funds.

No current team members are available.