SentreHeart Secures $26 Million to Commercialize Lariat Suture Delivery Device
June 4, 2012 — 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 CEO 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 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. Yu is a board member in many 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.”
The Lariat suture delivery device is for remote delivery of a pre-tied suture loop. Innovation in catheter and suture delivery technology enables physicians to remotely deliver a 40 mm pre-tied suture loop for immediate and complete soft tissue closure through access as small as 4.3 mm and with no metal, clips or fabrics left behind. Regulatory clearance for soft tissue ligation and approximation has been received in the United States, Europe and Canada.
For more information: www.sentreheart.com