Domain Surgical has received $35 million in financing. The investors include OrbiMed and BioStar Ventures. Leerink Partners was the placement agent for the transaction. Headquartered in Salt Lake City, Domain Surgical is a producer of advanced thermal surgical technology.
SALT LAKE CITY (March 3, 2014) – Domain Surgical, a leading developer of advanced thermal surgical technology, today announced that it has completed the closing of a $35 million equity and debt financing. The investment round included a strategic leader in global medical technology and OrbiMed. Additional participants included BioStar Ventures, existing investors, board members and management. Leerink Partners LLC served as the exclusive placement agent for the financing.
“Surgeons have now performed nearly 2,000 surgeries with our unique ferromagnetic dissection technology, and continue to note the benefits of precise hemostatic dissection without charring and with minimal collateral tissue damage; all without passing electrical current through the tissue,” said David McNally, President and CEO of Domain Surgical. “We are excited to secure the level of funding that will allow us to realize the full vision of our surgical platform for soft tissue dissection, vessel sealing, and minimally invasive procedures. Our priorities are to continue to produce evidence of clinical outcomes improvement, expand our U.S. sales force and international distribution, and to launch additional surgical tools that meet exacting surgeon requirements.”
In closing, Mr. McNally said, “We are grateful to our customers and to our shareholders who have believed in our technology since the founding of the company. Our accomplishments have resulted from the prudent application of precious capital by our passionate, committed, and customer-focused employees.”
OrbiMed (www.orbimed.com) is a leading investment firm dedicated exclusively to the healthcare sector, with approximately $10 billion in assets under management. OrbiMed invests globally across the spectrum of healthcare companies, from venture capital start-ups to large multinational companies. OrbiMed’s team of more than 80 employees manages a series of private equity funds, public equity funds, royalty/debt funds and other investment vehicles. OrbiMed maintains its headquarters in New York City, with additional offices in San Francisco, Shanghai, Mumbai and Herzliya.
About Leerink Partners
Leerink Partners LLC is a leading investment bank, specializing in healthcare. Our knowledge, experience and focus enable us to help our clients define and achieve their strategic, capital markets and investment objectives. We partner with companies that develop and commercialize innovative products and services that are defining the future of healthcare. Leerink Partners LLC is a member of FINRA/SIPC. For more information, please visit: www.leerink.com.
About Domain Surgical, Inc.
Domain Surgical, Inc. is a privately held company based in Salt Lake City, Utah. The company has commercialized a surgical platform for precise cutting and coagulation of soft tissue. Domain Surgical’s patented technology produces surface-only tissue effects without passing electrical energy through the patient, and is designed to provide unparalleled safety and predictability in the most critical surgical applications. For more information, please visit www.domainsurgical.com.