Participated · Equity · Feb 2022

Magnolia Medical develops, manufactures, and markets blood and bodily fluid collection devices designed to improve the accuracy, consistency, and predictability of critical laboratory tests. The company invented and patented the Initial Specimen Diversion Technique (ISDT™) and Device (ISDD®) for blood culture collection and contamination prevention. It has amassed an intellectual property portfolio with more than 100 issued method, apparatus, and design patents and over 70 patent applications pending. Led by CEO Greg Bullington, Magnolia Medical is FDA-cleared and intends to use new funding to fast-track innovations leveraging its IP to advance its mission to eliminate the misdiagnosis of sepsi. The company sells a device platform and continues to focus on reducing contamination and improving laboratory diagnostic reliability. Magnolia Medical Technologies, led by CEO Greg Bullington, develops, manufactures and markets innovative blood and bodily fluid collection and contamination-prevention devices for clinical laboratories. Its Steripath® Gen2 Initial Specimen Diversion Device® (ISDD®) has been adopted in hospitals across the U.S. to address blood culture contamination. The Steripath product is used to help eliminate blood culture contamination, reducing false positive diagnostic results for sepsis and inappropriate antibiotic use. Magnolia plans to develop and commercialize additional products that improve the accuracy and consistency of other important IVD tests, leveraging an extensive intellectual property portfolio built over the past decade. The company intends to use the Series C proceeds to scale market initiatives and advance its portfolio of blood and bodily fluid collection and contamination-prevention devices. Magnolia Medical is based in Seattle, WA. Magnolia Medical Technologies' core product is the SteriPath blood collection system, the only commercially available device described in the article as designed to eradicate false positive blood cultures. The company says SteriPath has reduced false positive results by an average of 93 percent in real‑world clinical environments across IDNs, managed care organizations and government hospitals. Magnolia develops a roadmap of additional devices intended to mechanically eliminate human errors that cause erroneous IVD results, improving patient safety and reducing hospital costs. The company emphasizes clinical and economic benefits, including reduced unnecessary antibiotic use and shorter patient stays. Proceeds from the recent financing will be used to accelerate SteriPath commercialization and support ongoing product development.

Led · Equity · Jul 2018

EndoGastric Solutions is a Redmond, Washington–based medical device company focused on incisionless surgical technologies for GERD, notably the EsophyX device and the TIF 2.0 procedure. The company positions TIF 2.0 as a safe and effective alternative to surgery, citing more than 140 peer‑reviewed publications and outcomes showing many patients can eliminate daily medications for up to five years. Over 35,000 TIF 2.0 procedures have been performed worldwide, and EGS emphasizes an exemplary safety profile. EGS closed an $18M financing to further drive growth and broaden commercialization of the TIF 2.0 procedure. The financing announcement coincided with a leadership transition: Darin Hammers was appointed President and CEO, replacing Skip Baldino, who will remain a strategic advisor. Management says the new capital will provide added fuel to accelerate the company’s commercial evolution and adoption among physician partners and patients. EndoGastric Solutions develops a minimally invasive treatment for gastroesophageal reflux disease (GERD) using its TIF 2.0 procedure and a proprietary device that corrects the root cause of reflux without surgery. The company reports having performed the procedure on 22,000 patients to date. It aims to expand the reach of its non‑surgical option to capture a larger portion of the GERD market. Financially, EndoGastric recently closed a $45M Series I financing and has raised about $251M since launching in 2003. Company leadership says the new capital establishes a strong financial foundation to pursue significant growth and long‑term commercial viability. EndoGastric Solutions develops and commercializes innovative, evidence-based, incisionless procedural therapy for gastroesophageal reflux disease (GERD). Its core offering is the TIF® procedure, which the company is commercializing to physician customers. The company plans to use new financing to continue commercial expansion of the TIF® procedure and to support its physician customer base. It also intends to invest in sustaining engineering initiatives aimed at optimizing gross margin. The company is led by President and CEO Skip Baldino. GERD is a chronic condition in which the gastroesophageal valve allows gastric contents to reflux into the esophagus, causing heartburn and potential injury to the esophageal lining. EndoGastric Solutions (EGS) is a Redmond, Washington–based medical device company focused on incisionless treatment of GERD via its Transoral Incisionless Fundoplication (TIF) procedure and EsophyX devices. The company markets EsophyX technology—cleared by the FDA in 2007 and updated with the EsophyX Z in 2015—to reconstruct the gastroesophageal valve and reduce reflux. EGS reports more than 17,000 TIF patients treated worldwide since clearance and cites over 50 peer‑review papers documenting outcomes on more than 800 unique study patients. Recent changes in coding and payment—CPT Code 43210 and APC 5331 for TIF procedures effective January 1, 2016—aim to improve patient access and reimbursement. EGS says it will use new financing to begin broad‑scale commercialization and to fund R&D on next‑generation products used in the TIF procedure. The company positions TIF as a minimally invasive alternative that can reduce long‑term PPI use for chronic GERD sufferers. EndoGastric Solutions develops products and procedures that combine gastroenterology and surgery to address unmet needs in gastrointestinal diseases. Its core product, the EsophyX device, was FDA cleared in 2007 and is commercially available in the United States. The EsophyX device is inserted transorally with visual guidance from an endoscope and is used in the TIF procedure to reconstruct the gastroesophageal valve, restoring its competency and reestablishing the barrier to reflux. The company, led by President and CEO Skip Baldino, intends to use newly raised funds to support publishing data from three randomized trials, bring new products to market, and establish clear reimbursement for its technology. Financially, the company completed a $30M Series G financing to support these plans. The article does not disclose operating metrics such as revenue or user counts.

Participated · Series C · Jun 2017

Earlens is a privately held medical technology company that developed the Earlens® hearing solution, a nonsurgical treatment that uses a small lens to vibrate the eardrum and replicate natural hearing. The company holds more than 185 U.S. and international patents and was named to Time Magazine's list of the top 100 inventions of 2020. Earlens products are available exclusively through a growing network of trained ENT physicians and audiologists supported by dedicated concierge customer service. With quarter-over-quarter revenue growth across 2021, the company said it is on pace to have its best year ever despite headwinds facing ENT practices and the hearing industry. The company recently closed another $25 million in funding and is looking to grow the team and invest in employee advancement and hiring. Leadership recognition—such as CEO Bill Facteau winning Comparably's "Best CEO" award—was highlighted alongside people-focused policies including competitive pay, benefits, and career-pathing. Earlens Corporation develops the Earlens Light-Driven Hearing Aid, a medical device that uses light to transmit sound to hearing-impaired patients. The company was incorporated in 2005 and is based in Menlo Park, California, with Bill Facteau as CEO. In late 2015 the FDA cleared a De Novo premarket submission allowing Earlens to market the Light-Driven Hearing Aid. Earlens closed a $118M debt and equity financing to support its operations. The company intends to use the proceeds for commercialization of the Light-Driven Hearing Aid, manufacturing scale-up, and R&D. The financing positions the company to advance commercial rollout of its core product. Earlens has developed the Earlens Light-Driven Hearing Aid, a device that uses focused light and a small lens resting on the eardrum to transmit sound and improve understanding in noisy environments for people with mild to severe sensorineural hearing impairment. The company received FDA De Novo clearance in late 2015, allowing it to market the Light-Driven Hearing Aid. Earlens is preparing for a commercial launch of the device and is pursuing additional financing to support that launch. The firm announced a Series C first close totaling $51 million, composed of $34 million in new capital and $17 million in conversion of an outstanding bridge financing. Management expects to complete the financing in the third quarter of 2016 by raising an additional $14 million. The companies and investors participating in the round are supporting the company’s move toward commercialization.

Led · Series C · Jun 2017

Monteris Medical develops the NeuroBlate System, a robotically controlled, MR-guided laser ablation platform that enables minimally invasive treatment of brain tumors and drug-resistant epilepsy in patients aged two and older. The technology, deployed in nearly 130 health systems across North America, delivers precise laser energy to destroy abnormal brain tissue while minimizing collateral damage. Clinical studies cited by the company report short hospital stays, low complication rates, and outcomes comparable to open resection. Monteris plans to use new capital to expand its U.S. commercial footprint, advance technology development, conduct additional clinical research, and pursue geographic expansion. Management reports strong operational results with a near-term pathway to profitability and positive cash flow. The NeuroBlate platform is currently the only LITT system with a robotic interface and published prospective clinical data supporting its safety and efficacy.

Participated · Series F · Jul 2013

CVRx develops the BAROSTIM NEO, a baroreceptor neuromodulation device that delivers electrical pulses to carotid‑artery baroreceptors to restore autonomic balance and improve symptoms of heart failure. The BAROSTIM NEO is approved by the FDA for heart failure, has received FDA Breakthrough Device designation, and holds CE Marking for heart failure and resistant hypertension in the EEA. CVRx intends to commercialize BAROSTIM NEO in the United States and use recent financing proceeds to expand its U.S. footprint. The company emphasizes improving patient outcomes, quality of life, and overall cardiovascular health via its therapy. CVRx is headquartered near Minneapolis, Minnesota. CVRx develops BAROSTIM NEO, a second‑generation, minimally invasive implantable system that is CE‑marked for separate indications of heart failure and resistant hypertension. BAROSTIM NEO is commercially available in over 20 countries and the company holds an HDE approval for a legacy device in hypertension responders. CVRx is completing the BeAT‑HF Phase III pivotal clinical trial to evaluate BAROSTIM NEO’s safety and effectiveness in chronic heart failure and intends to use proceeds to support that trial and expand global commercial activities. The company cites positive prior randomized HOPE4HF trial results and published data supporting improvements in symptoms, function, and reduced hospitalization days. Founded in 2001 and headquartered in Minneapolis, Minnesota, CVRx markets its device internationally while pursuing U.S. regulatory approval through the ongoing pivotal trial. The recent financings provide near-term capital to advance clinical and commercial programs. CVRx was founded in 2001 and is headquartered in Minneapolis. The company has developed the second-generation Barostim neo, an implantable system designed to treat hypertension and heart failure. Barostim neo received CE marking for the treatment of hypertension in Europe. It is under clinical evaluation for the treatment of heart failure in Europe and the United States, and under clinical evaluation for hypertension in the United States. CVRx secured a $15M debt facility from Silicon Valley Bank and intends to use the funds to continue investing in market development and the clinical activities required to deliver Barostim Therapy. CVRx is a Minneapolis, MN-based medical device company founded in 2001 that developed Barostim neo, a medical device system designed to treat hypertension and heart failure. Barostim neo received CE marking for the treatment of hypertension in Europe and is under clinical evaluation for heart failure in Europe and the United States; it is also under clinical evaluation for hypertension in the United States. The company is led by President and CEO Nadim Yared and Executive Vice President and Chief Technology Officer Robert Kieval. CVRx closed an additional $12m in Series F financing, bringing total capital raised to $42m. Backers in the round included Ysios Capital, DaVita HealthCare Partners and others, and Josep Sanfeliu of Ysios Capital joined CVRx’s board of directors in conjunction with the funding. The company plans to use the capital to advance its clinical trials and expand its international commercial activities. CVRx, founded in 2001 and based in Minneapolis, develops the Barostim neo™, an implantable system designed to treat hypertension and heart failure. Barostim neo has received CE marking for the treatment of hypertension in Europe. The device is under clinical evaluation for the treatment of heart failure in Europe and the United States, and is also under clinical evaluation for the treatment of hypertension in the United States. CVRx is led by President and CEO Nadim Yared and Executive VP and CTO Robert Kieval. The company intends to use new funding to advance its clinical trials and to expand its international commercial activities. The article does not disclose revenue or user metrics.