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Cleveland Clinic Spinoff Raises $33M in Series B
Centerline Biomedical said the proceeds from the financing round will be used to launch it into new surgical applications and add to its growing clinical evidence repository.
June 28, 2022
1 Min Read
Image courtesy of Oleksandr Perepelytsia / Alamy Stock Photo
Centerline Biomedical, a private medical technology company, reported 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 and Vascular 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.
"We are excited about the potential for IOPS® solution to transform the imaging framework to improve safety, quality and cost of minimally-invasive vascular procedures while reducing radiation exposure of caregivers and patients during critical life-saving procedures" said Todd Schwarzinger, GM Cleveland Clinic Innovations. He also noted that Centerline is a success story for Northeast Ohio. "This technology, which was invented at Cleveland Clinic, represents another example of our region's success in supporting early-stage innovation within the MedTech startup space."
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