Zipline Medical has announced that the company has closed on $9 million of new growth financing.
According to the company, “Proceeds from the financing will be used to continue worldwide commercialization activities for its Zip Surgical Skin Closure products, and support the launches of ZipStitch, an over-the-counter laceration closure device, and PreLoc Wound Closure for chronic wounds, such as diabetic foot ulcers.”
“The financing was led by existing investor MVM Life Science Partners LLP, with participation from existing investors HighCape Partners and Bridge Bank.”
“This financing provides ZipLine Medical with additional capital to continue our strong revenue growth in the U.S. and internationally. We are excited about the strong market acceptance of our Zip Surgical Skin Closure devices in many surgical specialties, including orthopedics, cardiovascular, and the emergency department,” said company President and CEO John Tighe.
“The ZipLine team continues to introduce innovative products based on proven core technology that address the needs of new markets, and we are proud to be a part of this,” said Bali Muralidhar, partner at MVM Partners LLP.
“We are excited to participate in this financing and help propel the company to the next level of growth and commercial success,” said Rob Lake, senior vice president and head of life sciences at Bridge Bank.
Zipline Medical CEO John Tighe told OTW, “Adoption of our Zip Surgical Skin Closure technology has been strong in several surgical specialties including orthopedics, where we have seen significant benefits for both patients and care teams in total joint replacement, foot and ankle, sports medicine and spine.”
“For patients, the Zip provides greater comfort and cosmesis, fewer complications and greater range of motion in physical therapy compared to traditional closure methods. For healthcare providers the Zip offers greater wound security and protection, fewer pathways for bacteria and lower healthcare costs in both the hospital and post-discharge environment. The new financing will enable us to continue our strong growth in the U.S. and internationally.”
