Centerline Biomedical announced that it closed a $33 million Series B equity financing, led by Cleveland Clinic.
GE Healthcare, RIK Enterprises, JobsOhio, Jumpstart Ventures and G2 Group Ventures all participated in the financing, which will be used to help propel the Cleveland-based company into new surgical applications, accelerate its commercial sales and add to its growing clinical evidence repository.
“Our technology is already yielding excellent clinical benefits and this funding will help realize our mission of improving the outcomes, radiation safety and accuracy in endovascular surgery,” Centerline CEO Philip D. Rackliffe said in a news release. “Successfully raising this capital given the challenging global environment is a resounding testament to this technology and incredible team at Centerline”.
Centerline Biomedical’s flagship product, the IOPS (intra-operative positioning system) was developed in Cleveland Clinic’s Heart, Vascular & Thoracic Institute. It was designed with patented algorithms to generate a patient-specific vascular map combined with electromagnetic tracking and smart sensor-equipped surgical devices to offer real-time, 3-D color visualization and navigation of the human vascular system.
IOPS has FDA 510(k) clearance and is currently launching at select sites in the U.S., with expansion to Europe and other key markets slated for 2023. Centerline said that its system improves visualization and guidance in endovascular procedures while reducing dependence on radiation and contrast agents with the goal of improving patient outcomes and overall efficiency for clinicians
Cleveland Clinic Innovations GM of Business Development Todd Schwarzinger said the capital could potentially enable IOPS to “transform the imaging framework to improve safety, quality, and cost of minimally-invasive vascular procedures.”
“The opportunity to invest in innovative technology like Centerline Biomedical’s IOPS solution aligns with GE Healthcare’s mission of delivering more precise and efficient care,” GE Healthcare GM for Global Interventional Arnaud Marie said. “As the number of minimally invasive procedures for complex interventions increases, so does the need for advanced technology to enable clinicians to make faster, more precise and informed decisions to improve patient care. We look forward to working with Centerline Biomedical as well as clinicians to explore the possibilities of this technology, as well as how this can complement our imaging and guiding systems.”