Pittsburgh Business Times by Malia Spencer, Reporter
After taking a substantial stake in Blue Belt Technologies Inc. earlier this year, HealthpointCapital LLC is taking full ownership of the Oakland robotics firm and bringing in a new CEO.
Eric Timko was named president and CEO of the company, which is developing “smart” surgical tools for orthopedic surgery. In May, the company completed a recapitalization with the New York-based private equity firm. Terms of this final transaction were not disclosed.
“Blue Belt is HealthpointCapital’s first acquisition to create the worldwide leader in providing a continuum of care for patients suffering from orthopedic diseases,” said Mortimer Berkowitz III, president and managing director of HealthpointCapital, in a written statement. Blue Belt’s Navio PFS product is positioned as the flagship technology for HealthpointCapital’s investment strategy in this area, he said.
In announcing Timko’s new role, HealthpointCapital noted he has 20 years of medical device industry experience as well as work to commercialize medical technology. He was previously president and CEO of NeuroVasx Inc.
Earlier this year, Blue Belt was gearing up to launch its product in Europe.