ZipLine Medical Raises $12 Million
Elizabeth Hofheinz, M.P.H., M.Ed. • Thu, June 22nd, 2017
ZipLine Medical, Inc., headquartered in Campbell, California, has a few more dollars to work with these days, announcing the completion of a $12 million Series E round of financing.
Proceeds from the financing will be used to further worldwide commercialization activities for its Zip Surgical Skin Closure products, as well as development of advanced tools to reduce post-discharge costs in a bundled care environment.
A new investor based in New York—HighCape Partners—led the financing. Existing investor MVM Life Science Partners LLP also participated.
“ZipLine Medical has introduced a revolution in surgery—advanced wound closure that addresses inherent limitations with traditional, antiquated methods. The ZipLine team is developing and marketing disruptive products that minimize risk, improve clinical outcomes and address the constant pursuit of cost-effective healthcare,” said Dean Tozer, operating partner of HighCape Partners, in the June 6, 2017 news release. As part of the financing, Tozer has joined the ZipLine Medical Board of Directors.
“We are excited to help propel the company to the next level of growth and commercial success,” added Matt Zuga, founder of HighCape Partners.
“We are pleased to have HighCape Partners' support for ZipLine Medical. Their experience in the wound care market will be invaluable for the commercial roll-out of the company's novel product suite,” added Bali Muralidhar, partner at MVM Life Science Partners.
ZipLine Medical President and CEO John Tighe told OTW, “The new funds will enable us to continue worldwide commercialization activities for our award-winning non-invasive Zip Surgical Skin Closure products, which improve the surgical and post-surgical experience for both physicians and patients. It will also support our current development and testing of a ‘smart’ wound closure and tracking system that leverages IoT (Internet of things) technology and provides real-time biometric patient data during the critical recovery phase of orthopedic surgery.”
“The Zip is the world’s first adjustable, reversible and non-invasive skin closure device and is rapidly replacing both sutures and staples for many types of surgical procedures. Numerous clinical studies have proven the Zip offers better scarring, less patient pain, higher tissue perfusion and greater cost efficiencies when compared to other skin closure methods. In orthopedics, the Zip is ideal for total joints, sports medicine, spine, and foot and ankle surgery. ZipLine devices provide both clinical and orthopedic benefits across the care continuum, and the addition of the ‘smart’ device to our current wound closure further enhances clinical outcomes and cost reduction after discharge in a bundled care environment.”
“Zip wound closure is already a ‘wearable’ device, and adding the ability to track patient activity in real-time closes the gap between prescribed therapy and actual patient compliance to reduce complications and accelerate each patient's progress towards recovery. The development of this technology, along with others in the pipeline, will enable us to offer even more game-changing products.”