SentreHEART Secures $26 Million in Series C Financing for Commercialization
June 4, 2012
Proceeds to support commercialization activities of its FDA-cleared and
CE-marked LARIAT® Suture Delivery Device
Redwood City, CA – SentreHEART, Inc., a privately-held medical device
company announced that it has recently completed a $26 million Series C
financing led by Vivo Ventures with participation by its existing
investors US Venture Partners and Prospect Ventures.
"We are delighted to have the continuing financial and strategic support
of these top investment firms," said Paul Buckman, President and Chief
Executive Officer of SentreHEART. "The LARIAT Suture Delivery Device has
the potential to transform certain open surgical procedures
traditionally performed in the operating room into more cost effective
procedures that can be performed in the catheterization lab, where only
a small piece of suture is left behind. We believe it may have
application in more than 2.5 million procedures annually which
represents a $1.6 billion market opportunity worldwide.”
The LARIAT Suture Delivery Device facilitates suture placement and knot
tying for use in surgical applications where soft tissues are being
approximated and/or ligated using a pre-tied polyester suture.
Along with the new funding, SentreHEART also announced that Chen Yu,
Managing Partner from Vivo Ventures, would join the board of directors.
Dr. Yu is a board member in numerous life science companies and received
his M.D. and M.B.A. from Stanford University and graduated magna cum
laude with a B.A. in Biology from Harvard University.
"This financing, along with recent additions to our leadership team of
several veteran medical device executives, enables us to expand upon our
early commercial success,” said Buckman. "We have seen that our
technology is being rapidly adopted by physicians around the world and
we now look to support and continue this steady growth. Our ongoing
clinical and commercial successes confirm the market need for soft
tissue closure without the expense and morbidities associated with
traditional open surgeries.”
About SentreHEART, Inc.
SentreHEART, Inc., based in Redwood City, California, is a privately
held medical device company that manufacturers the LARIAT Suture
Delivery Device for remote delivery of a pre-tied suture loop.
Innovation in catheter and suture delivery technology enables physicians
to remotely deliver a 40mm pre-tied suture loop for immediate and
complete soft tissue closure through access as small as 4.3mm and with
no metal, clips or fabrics left behind. Regulatory clearance for soft
tissue ligation and approximation has been received in the US, Europe,
and Canada. For more information, please visit
SentreHEART Logo, SentreHEART, and LARIAT are registered and/or
trademarks of SentreHEART, Inc. in the United States and other
President and CEO
Chief Financial Officer