Company Appoints Seasoned Medtech Executive as President and CEO
CAMPBELL, Calif., March 5, 2020 – Supira Medical, formed by Shifamed as part of its medical innovation hub, announced today the closing of $35M in Series B financing. Officially closed on February 25, the financing was led by Cormorant Asset Management with participation from The Capital Partnership (TCP), 415 CAPITAL, AMED Ventures and Shifamed Angels. The funds will be used to advance product development and clinical efforts for the company’s next generation percutaneous ventricular assist device (pVAD). Additionally, the company announced the appointment of seasoned medical device executive, Dr. Nitin Salunke, as President and Chief Executive Officer.
“Supira’s innovative approach could potentially provide a meaningful clinical solution for patients requiring temporary mechanical support during coronary interventions,” stated Bihua Chen, Founder and Managing Member of Cormorant Asset Management. “Despite advances in PCI, a large unmet need exists for high-risk patients and we are excited to lead and further invest in Supira Medical.”
Percutaneous ventricular assist devices (pVADs) are used during stent placement or angioplasty to provide temporary mechanical support for patients with severe coronary artery disease or comorbidities. Additionally, pVADs are used to treat patients suffering from cardiogenic shock (CS), a condition that can occur following a severe heart attack, and is associated with a high rate of morbidity as a patient’s heart is suddenly too weak to adequately pump blood to vital organs.
“Temporary mechanical support provides many patients with the option to undergo coronary interventions that their heart would otherwise not be healthy enough to endure,” stated Nitin Salunke. “I am pleased to join the Supira team as we advance pVAD technology with a low-profile, high-flow solution that aims to improve outcomes for these high-risk patients.”
Nitin brings over two decades of medical device development and leadership experience to Supira Medical. Previously, he served as Vice President of Research and Development for Medtronic’s Neurovascular business and a member of its management board. In this role, Nitin was responsible for the strategic growth through new product development for the global business, which included therapies for treating ischemic and hemorrhagic strokes. Prior to Medtronic, Nitin served as the Vice President of Research and Development at Altura Medical (acquired by Lombard Medical), as well as Director of Research and Development Engineering at Cordis Corp, a Johnson and Johnson company (acquired by Cardinal Health). Early in his career, Nitin was with W.L. Gore & Associates, holding roles of increasing responsibility within new product development, engineering operations and marketing. Nitin is an inventor / co-author on several patents and publications. Nitin holds a PhD in Mechanical Engineering, with research focus in Cardiovascular Biomechanics, from the University of Maryland Baltimore County. Additionally, he holds an MS from the University of Oklahoma and an Executive MBA from San Jose State University.
“I am delighted to have Nitin join and lead Supira at this important time. His strong medical device experience and leadership skills make him an ideal fit to spearhead the company towards its first clinical milestone,” commented Amr Salahieh, Founder of Shifamed and Chairman of Supira Medical. “The closing of this significant financing round speaks to the large, unmet need Supira’s technology will address.”
About Supira Medical, Inc.
Supira Medical, a privately held portfolio company of Shifamed, is focused on development of a next generation percutaneous ventricular assist device (pVAD) for use in high-risk patients undergoing interventional procedures. To learn more about Supira Medical, please visit www.supiramedical.com.
About Shifamed, LLC.
Founded by serial entrepreneur Amr Salahieh, Shifamed is a highly specialized medical innovation hub focused on developing solutions that accelerate time to market, reduce risk, increase impact, and forge a path toward a world where patients are able to lead longer, healthier lives. To learn more about Shifamed, please visit www.shifamed.com.
415 CAPITAL Management GmbH (415 CAPITAL) today announced that it has held a first closing of its new MedTech Venture Capital fund (415 CAPITAL Fund I). The fund will invest in early and development-stage medical device companies in Europe,
Israel and the UnitedStates with a strong focus on startups developing groundbreaking technologies to diagnose and treat cardiovascular disease and its associated risk factors, including coronary artery disease, structural heart disease,
heart failure, stroke, hypertension and vascular disease. The fund will hold a final closing at up to €85 million later in 2020.
About Cardiovascular Disease:
Cardiovascular disease is the worldwide leading cause of death and the single largest cost driver in the global healthcare system. The disease causes one in three deaths each year and the World Health Organization projects the global economic burden of cardiovascular disease to exceed $1 trillion annually by 2030, fueled by several secular trends such as population ageing and growth and the global obesity epidemic.
About 415 CAPITAL:
415 CAPITAL has been formed by MedTech entrepreneurs and investors Frank Groenewegen, David Thompson and Frederik Groenewegen. The three founding partners share a 28-year history of introducing medical device technologies to the European market as well as making private investments in innovative MedTech companies. The team has funded 45 MedTech startups over the years, realizing over 25 exits to-date including ReBound Therapeutics (sold to Integra LifeSciences in 2019), Claret Medical (sold to Boston Scientific in 2018), ReCor Medical (sold to Otsuka Holdings in2018), ImThera Medical (sold to LivaNova in 2018), CardiAQ Valve Technologies(sold to Edwards Lifesciences in 2015), and CoreValve (sold to Medtronic in2009).
The new fund marks the first-time that the three partners are bringing in capital from outside investors to continue their strategy. First-closing investors include the EuropeanInvestment Fund (EIF), KfW Capital, several family offices and distinguished MedTech entrepreneurs. The founding partners have themselves committed over 20% of the current fund size.
Close Cooperation with European Physiciansand Clinical Sites:
In addition to providing MedTech startupswith early-stage funding, 415 CAPITAL offers its portfolio companies directaccess to the European healthcare market through a partnership with medicaldevice distributor CoRRect Medical GmbH (CoRRect). Led by MedTech engineer Michael Braun and supported by a designated team of clinical and regulatory specialists, CoRRect closely works with leading physicians across over 200 hospitals and clinical sites in the fields of cardiac surgery, cardiology, radiology and vascular surgery. Over the past two decades, the CoRRect team has commercialized dozens of groundbreaking medical device technologies, including the world’s first pre-crimped coronary stents, transcatheter aortic heart valve replacement(TAVR) and the world’s first stroke protection for left-heart interventions.
"The CoRRect team has been at the forefront of innovation in cardiovascular health for over two decades and we are very excited to start this new chapter in our partnership. We will continue to leverage our access to hospitals and physicians to accelerate the clinical and commercial adoption of our fund’s portfolio technologies in order to create value for patients, physicians and investors." – commented Frederik Groenewegen, Co-Founder and Managing Director of 415 CAPITAL
P+P Pöllath + Partners acted as legal and structuring advisor to 415 CAPITAL.
Horizon 2020, EFSI and 415 CAPITAL: 415CAPITAL Fund I GmbH & Co. KG is supported by InnovFin Equity with financialbacking of the European Union under the Horizon 2020 Financial Instruments and the European Fund for Strategic Investments (EFSI) set up under the Investment Plan for Europe. The purpose of EFSI is to help support financing and implementing productive investments in the European Union and to ensure increased access to financing.