Patient Square forms and commits $300m to new medtech backer Elevage

• Most recently, Dr. Melrose was founding managing director of Spindletop Capital
• Patient Square invests in healthcare
• Patient Square has more than $5.9 billion in assets under management as of January 31, 2023

Patient Square Capital has formed and committed $300 million to Elevage Medical Technologies, which will focus on providing capital and expertise to medical device companies.

Dr. Evan Melrose will serve as CEO of Elevage.

“Many medical technologies that have been in development for a decade or more are right at the cusp of making a major impact on patient lives,” said Jim Momtazee, managing partner of Patient Square, in a statement. “We want to be bold in our support of that innovation and believe that partnering with Evan allows us to step aggressively into that funding void to position a number of product launches for success.”

Most recently, Dr. Melrose was founding managing director of Spindletop Capital. Before this, he was the founding managing director of PTV Sciences and a director with Burrill & Company.

Patient Square invests in healthcare. The firm has more than $5.9 billion in assets under management as of January 31, 2023.