A Medical Device Daily
ThermalTherapeutic Systems (Pittsburgh), a company developing what it calls a "highly portable" platform technology intended to standardize hyperthermic perfusion, reported the completion of $2.75 million Series A financing.
After receiving initial start-up funding by the Pittsburgh Life Sciences Greenhouse (PLSG) and rounds of private financing which included follow-on investments by the PLSG and Innovation Works (Pittsburgh), Originate Ventures (Bethlehem, Pennsylvania) has taken the lead on a $2.75 million commitment intended to spearhead the commercialization of ThermalTherapeutic's new technology, the company said
"Originate Ventures' financial support of our strategic objectives marks a significant milestone in our company's development. In July we submitted our application to the FDA, in August we closed on $750,000 in private financing and, in September, Originate Ventures recognized that their investment would be the catalyst to launch our technology," said Raymond Vennare, CEO and co-founder of ThermalTherapeutics. "For physicians, the possibility now exists to provide better treatment options for a growing number of patients and, for investors, an opportunity to participate in a potential billion dollar growth market with international implications."
"ThermalTherapeutic Systems not only fits our investment profile," said Mike Gausling, managing partner of Originate Ventures, "but promises to be a disruptive technology in an emerging market; it addresses an unmet need in the marketplace and anticipates future applications for hyperthermic perfusion."
"We are pleased to be able to partner with Originate Ventures, and recognize the positive impact their investment will have in enabling ThermalTherapeutic Systems to provide physicians and hospitals with a powerful and innovative new tool to treat patients," said Peter DeComo, chairman and co-founder of the company.
ThermalTherapeutic says it is in the final stages of development of a portable hyperthermic perfusion system. The intended use of the TTS100 Portable Hyperthermic Perfusion Device is to raise the temperature of the thoracic or peritoneal cavity. This technology is designed to provide the medical community with a small, portable, and lightweight device, which has been specifically designed to standardize the use and improve the control of hyperthermic and normalthermic perfusion, the company said.
In other financing activity, Blue Belt Technologies (Pittsburgh), a company that says it is developing the next generation of 'smart' surgical instruments for use in orthopedic and neurosurgery procedures, has closed on a $2.4 million private equity Series A round of financing. The round was led by private investors and included the PLSG and Innovation Works and consisted of both new investments and the conversion of existing convertible notes.
"This investment will be used to finalize development and prepare for FDA submission of our core product, the Precision Freehand Sculptor, and will provide the resources necessary to prepare for full market release of our orthopaedic and neurosurgical products," said Craig Markovitz, CEO of Blue Belt. "We are pleased to have such an impressive group of investors and partners share our vision to provide a cost effective, highly capable solution for bone based computer assisted procedures."
According to Blue Belt, its Precision Freehand Sculptor (PFS) provides precise control to surgeons via an intelligent, handheld, computer assisted bone-cutting tool. PFS provides the surgeon with a layer of safety and enhanced accuracy while performing bone-shaping tasks through minimally invasive incisions, the company said. The PFS system utilizes a compact, handheld, intelligent tool to assist the surgeon in accurately cutting bone. Its control system monitors the position of the tool and adjusts the depth of cut (or disables cutting entirely) based on its proximity to bone that it should – or should not – remove, Blue Belt noted.
The company said it initially plans to release a computer-assisted bone shaping product for spine-, hip- and knee-based procedures via its PFS Developers Kit to allow existing surgical navigation platforms to integrate PFS capability seamlessly onto the estimated 8,000 navigation systems installed worldwide in a very cost effective manner. The company says it is also developing an independent platform for other bone-based procedures.