ZipLine Medical, Inc. says it has completed a $12 million Series E round of financing which will be used to continue worldwide commercialization activities for its Zip® Surgical Skin Closure products
Background
ZipLine Medical is a frequent visitor to our pages as it continues to penetrate the skin closure market with its innovative wound closure product. Zip Surgical Skin Closure devices have been used in more than 100,000 cases and in over 30 countries worldwide.
The newly announced financing was led by new investor, HighCape Partners, a growth equity fund based in New York which invests broadly across the healthcare sector. The financing includes participation from existing investor MVM Life Science Partners LLP.
ZipLine says the proceeds will go into continued commercialization of the Zip device as well as what the company describes as “development of advanced tools to reduce post-discharge costs in a bundled care environment.”
Investor comments
“ZipLine Medical has introduced a revolution in surgery – advanced wound closure that addresses inherent limitations with traditional, antiquated methods. The ZipLine team is developing and marketing disruptive products that minimize risk, improve clinical outcomes and address the constant pursuit of cost-effective healthcare,” said Dean Tozer, Operating Partner of HighCape Partners and now also on ZipLine’s Board of Directors.
“We are excited to help propel the company to the next level of growth and commercial success,” added Matt Zuga, Founder of HighCape Partners.
Company comments
“This financing will allow us to further expand our global business, as well as introduce new products that improve upon the standard of care while driving down healthcare costs,” said John Tighe, President and Chief Executive Officer of ZipLine Medical.
“We are pleased to have HighCape Partners’ support for ZipLine Medical. Their experience in the wound care market will be invaluable for the commercial roll-out of the company’s novel product suite,” added Bali Muralidhar, Partner at MVM Life Science Partners.
Source: ZipLine Medical, Inc.