Standard Bariatrics Secures $35M in Series B Funding to Accelerate Development and Commercialization of Their First Bariatric Surgical Platform for Sleeve Gastrectomy
CINCINNATI, June 1, 2021 /PRNewswire/ -- Cincinnati-based Standard Bariatrics, Inc., has developed the Titan SGS™, a first-of-its-kind design that offers surgeons performing sleeve gastrectomy, the top bariatric surgical procedure for obesity disease, the industry's longest continuous staple cutline of 23 centimeters.1
Standard Bariatrics®, an emerging leader in the bariatric surgery medical device field, today announced the completion of a $35M Series B round led by U.S. Venture Partners (USVP), a Silicon Valley venture capital firm that partners with entrepreneurs to transform their ideas into world-changing companies. New investor River Cities Capital joins the Series A syndication investors RiverVest® Venture Partners, Hatteras Venture Partners, Queen City Angels and Emergent Medical Partners who also participated in the Series B round.
"U.S. Venture Partners is excited to join the team at Standard Bariatrics as they seek to transform the way bariatric surgery is delivered and improve patient outcomes," said Casey Tansey, general partner at U.S. Venture Partners.
Standard Bariatrics is responding to the growing global obesity epidemic through the development of device solutions designed to enable surgeons to deliver more consistent and repeatable surgical outcomes. In April of 2021, the company's Titan SGS™ stapler received clearance from the US Food and Drug Administration2 allowing the device to be used in bariatric surgery requiring the creation of sleeve pouch anatomy (sleeve gastrectomy). The submission was supported by the completion of a successful 62-patient study.
Standard Bariatrics CEO Matt Sokany said, "We are thrilled to have received clearance from the FDA in April of 2021 for our Titan SGS™ stapler. Now, completing Series B financing immediately following FDA clearance gives us the needed capital to scale our commercialization plans for the solutions we offer surgeons for use in sleeve gastrectomy and to continue developing our technology platforms."
About Standard Bariatrics®, Inc.
Standard Bariatrics, Inc., is a Cincinnati-based surgical procedure company focused on the innovative development and commercialization of medical devices. Driven by a passionate group of surgical innovators, the company continues to release surgical solutions designed to address significant market opportunities. A seasoned team of medical and management professionals, Standard Bariatrics® has more than 175 combined years of experience in developing and commercializing novel medical device technologies with a record of achieving both clinical and economic excellence for patients and providers.
For more information, visit http://www.standardbariatrics.com or call 513-620-7751.
1. Goodman, Multisite Study of Titan SGS Stapler in Longitudinal Gastric Resection.2020.
2. Indications for Use. K210278: "The Titan SGS linear cutter is intended for longitudinal transection and resection of gastric tissue for sleeve gastrectomy pouch creation."
About U.S. Venture Partners
U.S. Venture Partners (USVP) is a leading Silicon Valley venture capital firm, partnering with entrepreneurs to transform their ideas into world-changing companies. USVP has invested in over 500 companies spanning four decades. USVP focuses on early-stage start-ups that transform cybersecurity, enterprise software, consumer, and healthcare. The USVP team consists of former entrepreneurs, technologists, corporate executives, and financial professionals who assist with strategy, scaling, team building, product development, and business development. USVP is based in Menlo Park, CA.
About River Cities Capital
River Cities is a growth equity firm investing in high-potential companies at the intersection of healthcare and information technology. They seek to be a business partner first and a capital provider second, investing significant human capital to leverage their domain expertise, a network of healthcare thought leaders and deep relationships with health systems assembled over a 27-year history. River Cities Capital is based in Cincinnati, OH and Raleigh, NC.
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SOURCE Standard Bariatrics