Centerline Biomedical, a private medical technology company, announced the closing of a $33 million Series B equity financing led by Cleveland Clinic that was raised to propel the company into new surgical applications, accelerate its commercial sales, and add to its clinical evidence repository.
The Series B equity financing included participation by GE Healthcare, RIK Enterprises, JobsOhio, Jumpstart Venture, and G2 Group Ventures. Centerline Biomedical is a Cleveland Clinic spinoff founded in 2014, that is a joint venture between G2 Group Ventures and Cleveland Clinic that is commercializing its Intra-Operative Positioning System (IOPS).
Centerline Biomedical’s system aims to improve 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 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.
“This capital has the potential to enable IOPS® to transform the imaging framework to improve safety, quality, and cost of minimally-invasive vascular procedures,” says 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.”
IOPS is FDA 510(k) cleared and currently launching in the U.S. 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.
“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,” says Arnaud Marie, general manager for Global Interventional at GE Healthcare.
