CUPERTINO, Calif., Oct. 3 /PRNewswire/ -- Novare Surgical Systems Inc., the innovator of RealHand(TM) instruments for minimally invasive surgery, today announced the closing of a $16 million private placement of its Series D Preferred Stock. Point Judith Capital and Tudor Investment Corp. led the round of financing and were joined by existing investors Thomas J. Fogarty, M.D., CHANNEL Medical Partners, Canaan Partners, Asset Management and new investor Deerfield Partners.
In connection with the private placement, Gina Raimondo, a partner at Point Judith Capital, has been elected to Novare Surgical Systems' board of directors, bringing board membership to six.
"Novare is delighted to have secured this crucial round of financing and to welcome Gina to our board," said Kerry Pope, Novare's president and chief executive officer. " We are now in a position to advance our commercialization plan for RealHand instruments. In doing so, Novare will be offering the first high dexterity (HD) instruments, a completely new category of technology for minimally-invasive surgery. The dexterity and freedom of movement that RealHand instruments provide will facilitate more advanced General laparoscopic procedures such as Gastric Bypass, and Colectomy. Moreover, GYN laparoscopic surgeons will soon have superior technology to approach the approximately 600,000 hysterectomy procedures performed in the U.S."
About RealHand Instruments for Minimally Invasive Surgery
RealHand instruments are the very first full range of motion hand-held laparoscopic instruments. Developed with the EndoLink(R) mechanism, RealHand technology is designed to mirror the surgeon's hand direction with the added benefit of tactile feedback. As such, when the surgeon's hand moves in one direction, the instrument tip exactly follows.
Unlike any other surgical device, RealHand instruments offer complete 7 degrees of freedom of movement in a hand-held instrument and with no need for additional hardware. Moreover, RealHand will enable surgeons to perform more difficult maneuvers that otherwise cannot be completed with traditional rigid instruments. RealHand instruments make it easy to actively manipulate and complete tasks regardless of whether the instrument is positioned over, under, or around structures.
RealHand instruments will provide for greater dexterity and control around critical structures and vasculature. The increase in range of motion will lead the way for development of new surgical approaches and techniques. RealHand instruments have received FDA 510K clearance.
About Novare Surgical Systems
Based in Cupertino, Calif., Novare Surgical Systems was originally founded in 1999 to develop, manufacture and market devices for cardiac surgery. RealHand was developed entirely at Novare Surgical and represents a shift in the company's focus toward devices for minimally invasive surgery. For more information, visit the company's web site at www.novaresurgical.com.
About Point Judith Capital
Point Judith Capital is a leading early-stage venture capital firm partnering with outstanding entrepreneurs building communications, Internet, healthcare and technology companies. Point Judith Capital has a strategic partnership with Tudor Investment Corporation, a premier alternative asset management firm with $14 billion under management. For more information visit www.pointjudithcapital.com.
About Tudor Investment Corporation
Tudor Investment Corporation is a leading alternative asset management firm. Founded in 1980, Tudor Investment Corporation and its affiliates manage in excess of $14 billion that is invested in the global equity, debt, currency and commodity markets.
Novare Surgical Systems Inc.CONTACT: Kerry Pope, President and CEO of Novare Surgical Systems Inc.,+1-408-873-3161, or kpope@novaresurgical.com
