Centerline Biomedical raises $33M Series B

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 Cl…

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Cleveland Clinic reports bionic arm breakthrough

Cleveland Clinic lead investigator Paul Marasco (left) and visiting researcher Zachary Thumser (right) with the bionic arm they created. [Image courtesy of Cleveland Clinic]Cleveland Clinic researchers say they’ve developed a bionic system that takes a big step toward restoring natural arm function for patients with upper limb amputations.

Upper-limb amputees often have to constantly watch their prosthetics while using them to make corrections in how much grasping force they use, but Cleveland Clinic said patients testing the new bionic arm system used it with less effort and an easier learning curve.

“Perhaps what we were most excited to learn was that they made judgments, decisions and calculated and corrected for their mistakes like a person without an amputation,” lead investigator Paul Marasco said in a news release. “With the new bionic limb, people behaved like they had a natural hand. Normally, these brain behaviors are very different between people with a…

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FDA warns on accuracy of Abbott rapid COVID-19 test

Abbott’s ID Now test machine (Image from Abbott)

After weeks of concerns about the accuracy of an Abbott (NYSE:ABT) rapid COVID-19 diagnostic test, the FDA last night issued a warning that the ID NOW test may return false-negative results.

Citing “early data,” the agency said it is “sharing early information …  about potential inaccurate results in the spirit of transparency.”

A preliminary study released this week by researchers at New York University found that the test missed up to 48% of positive results. Researchers at the Cleveland Clinic reported in April that the ID NOW had a false-negative rate of 14.8%, according to a report by National Public Radio.

One issue is the treatment of specimens before they are placed in the ID NOW machine. Abbott advised customers on April 15 that placing specimens in liquid viral transport media before processing — stan…

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