Centerline Biomedical Raises $33 Million in Series B Financing
Centerline Biomedical, Inc. (Centerline), a private medical technology company, announced the closing of a $33 million Series B equity financing led by Cleveland Clinic with participation by GE Healthcare, RIK Enterprises, JobsOhio, Jumpstart Ventures and G2 Group Ventures. This funding will help propel the company into new surgical applications, accelerate its commercial sales and add to its growing clinical evidence repository.
Centerline Biomedical’s system improves visualization and guidance in endovascular procedures while reducing dependence on radiation and contrast agents with the goal of improving patient outcomes, as well as overall efficiency for clinicians. Its flagship product, IOPS® (Intra-Operative Positioning System) was developed in Cleveland Clinic’s Heart, Vascular & Thoracic Institute and utilizes patented algorithms to generate a patient-specific vascular map combined with electromagnetic tracking and smart sensor-equipped surgical devices to provide real-time, 3-D color visualization and navigation of the human vascular system.
IOPS® is FDA 510(k) cleared and currently launching in the US at select sites. Expansion to Europe and other key markets will occur in 2023. This platform technology drives an active R&D pipeline, supported by four NIH (National Institute of Health) grants to date, and backed by a world-class scientific advisory board, with foundational programs to both expand and extend the capabilities in the vascular space and enter the structural heart space.
“This capital has the potential to enable IOPS® to transform the imaging framework to improve safety, quality, and cost of minimally-invasive vascular procedures,” said Todd Schwarzinger, General Manager, Business Development, Cleveland Clinic Innovations. He also noted that Centerline is a success story for Northeast Ohio. “This technology represents another example of our region’s success in supporting early-stage innovation within the MedTech startup space.”
“The opportunity to invest in innovative technology like Centerline Biomedical’s IOPS® solution aligns with GE Healthcare’s mission of delivering more precise and efficient care. As the number of minimally invasive procedures for complex interventions increases, so does the need for advanced technology to enable clinicians to make faster, more precise and informed decisions to improve patient care. We look forward to working with Centerline Biomedical as well as clinicians to explore the possibilities of this technology, as well as how this can complement our imaging and guiding systems,” said Arnaud Marie, General Manager for Global Interventional at GE Healthcare.
“Our technology is already yielding excellent clinical benefits and this funding will help realize our mission of improving the outcomes, radiation safety and accuracy in endovascular surgery,” said Philip D. Rackliffe, CEO. “Successfully raising this capital given the challenging global environment is a resounding testament to this technology and incredible team at Centerline”.