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SurgiQuest Seals $19 Million


7/11/2011 6:39:17 AM

SurgiQuest, Inc. Secures $19 Million to Fund Commercialization and Launch the Next Generation Access Technology Cited by Surgeons as The Future of Minimally Invasive Surgery

PR Newswire

ORANGE, Conn., July 8, 2011 /PRNewswire/ -- SurgiQuest, Inc. ("SurgiQuest", the "Company") today announced that the Company has closed a $19 million round of financing from both current and new investors. River Cities Capital Funds of Cincinnati, Ohio led the round followed by Fletcher Spaght Ventures of Boston, Massachusetts. Additional investments from CMEA Ventures, California Technology Ventures, LLC, Aphelion Medical Fund and other existing SurgiQuest investors completed the round. SurgiQuest will utilize the capital from the latest round to respond to increasing demand for its products and drive commercialization initiatives domestically and abroad.

SurgiQuest's patented AirSeal® Access System provides unprecedented access to the abdominal cavity during minimally invasive surgery ("MIS"). Unlike conventional insufflation and trocar systems, the Company's breakthrough integrated platform assures stable pneumoperitoneum, continuously evacuates smoke and plume when energized medical devices such as electrocautery, laser or ultrasound are used, and provides valve-free access to the abdominal cavity during both laparoscopic and robotic surgical procedures.

SurgiQuest's unique and unconventional product solutions enable improved MIS approaches in both laparoscopic and DaVinci® Robotic surgical procedures.

"We appreciate the faith and ongoing support that our current and new investors have shown in our technology, our people and our vision for the exciting future ahead. This funding will be used to expand growth and move us toward profitability," stated Mr. Kurt Azarbarzin, Founder and CEO of SurgiQuest. "Our organization is extremely optimistic and energized as we approach on the expansion of our breakthrough AirSeal® technology to the entire field of laparoscopic surgery."

About SurgiQuest

SurgiQuest, Inc. is a privately held venture-backed company, founded in May 2006. The Company develops, manufactures and markets innovative access technology for minimally invasive surgery.

Additional information about SurgiQuest products can be found at www.surgiquest.com.

About River Cities Capital Funds

River Cities Capital Funds is one of the most active and experienced venture funds investing in the Midwest and Southeastern United States. With $390 million under management and over 75 investments over fourteen years, River Cities has established itself as a preferred partner among the regional entrepreneurial and broader venture capital communities. For more information, visit www.rccf.com.

About Fletcher Spaght Ventures

Fletcher Spaght Ventures, L.P. is a venture capital firm investing in emerging growth healthcare and high technology companies. Fletcher Spaght focuses on healthcare companies, including: medical devices, life science tools, biotechnology, and healthcare services; and on high technology including: information technology (IT) and IT services, Internet and e-commerce, software computer and network hardware, and communications. Additionally, Fletcher Spaght targets "convergence" opportunities that span both healthcare and IT such as MEMS in cardiac devices, software ASP in radiology and digital imaging in dentistry. For more information, visit www.fletcherspaght.com.

CONTACT: Gary Tegan, +1-612-889-9490

SOURCE SurgiQuest, Inc.




   

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