Arbor Surgical Technologies, Inc. Completes $20 Million Series B Financing Proceeds to Fund Ongoing Development and Clinical Trials of New Heart Valve and Implantation Technology
IRVINE, Calif., Aug. 22 /PRNewswire/ -- Arbor Surgical Technologies, Inc. a privately held medical device company, announced today the closing of a $20 million dollar Series B financing. Baird Venture Partners led the investment with Affinity Capital Management and Fisk Ventures joining the syndicate. Existing investors Delphi Ventures, Alloy Ventures, Johnson & Johnson Development Corporation, Three Arch Partners, Thomas J. Fogarty MD, Sapient Capital, Kaiser Venture Capital, David Chonette, and Sage Venture Partners, also participated in this round of financing. With the closing of this round, Arbor has raised approximately $34 million dollars to date.
In conjunction with the financing, Pete Shagory of Baird Venture Partners has joined Arbor’s board of directors, which includes Thomas J. Fogarty MD, Arbor’s board chairman and co-founder, David Douglass of Delphi Ventures, Doug Kelly MD of Alloy Ventures, David Chonette, and Steve Bacich, Arbor’s president and chief executive officer.
“We are pleased to complete this significant round of financing and to bring Pete Shagory to our board,” said Mr. Bacich. “This financing milestone enhances an already strong development team that is supported by experienced medical device investors and a rich intellectual property portfolio. The success in our funding process speaks to the momentum we have garnered by the achievement of significant milestones over the past several months. Our mission at Arbor is to develop a better heart valve replacement system utilizing superior design and fabrication techniques and our proprietary implantation method. We believe that Arbor’s technology will be a driving force for improving the lives of heart valve patients around the world.”
About Arbor Surgical Technologies, Inc.
Arbor Surgical Technologies, Inc. located in Irvine and Portola Valley, CA (USA), is a privately held cardiovascular medical device company focused on the heart valve replacement market. Founded in 2002 by Dr. Thomas J. Fogarty and noted heart valve designer, Ernie Lane, Arbor is developing multiple technologies that have the potential to deliver significant clinical benefit to patients worldwide. Arbor intends to develop and commercialize its core technologies in varying combinations, giving the company the opportunity to create a portfolio of product offerings. Currently in clinical trials, Arbor is developing a tissue heart valve family of products designed for improved performance over existing valves and compatible implantation tools that simplify and speed valve replacement surgery.
Press contact: Arbor Surgical Technologies, Inc. Steve Bacich - President and CEO 949-900-2383 sbacich@arborsurgical.comwww.arborsurgical.com About Baird Global Private Equity
With more than 40 investment professionals in the United States and Europe, Baird’s global private equity business has raised and managed over $1.2 billion in capital. Baird Venture Partners makes venture capital investments in early- to growth-stage companies in the Business Services & Software and Healthcare/Life Sciences sectors. Baird Capital Partners provides late-stage growth capital or change-of-control capital to U.S.-based, middle-market companies in the Business Services and Manufactured Products sectors. Granville Baird Capital Partners is a long-established private equity manager targeting mid-market growth companies in the UK and Germany with a focus on the Business Services, Healthcare and Industrial Products sectors. The group’s investments are supported by Baird’s full range of financial advice, operating expertise and industry research, providing a unique full-service approach to the entire private equity investment process. For more information, please visit www.bairdventurepartners.com.
Arbor Surgical Technologies, Inc.
