PEAK Surgical Inc., a Palo Alto, Calif.-based developer of tissue detection systems, has raised $21 million in Series C funding. Signet Healthcare Partners led the round (which closed in December), and was joined by return backers Lehman Brothers and Venrock.
PEAK Surgical, Inc., a medical device company that is developing a new category of tissue dissection systems based on a proprietary technology, today announced that it has raised $21 million in a Series C financing led by new investor Signet Healthcare Partners. The company also announced that Joyce Erony, managing director of Signet Healthcare Associates, has joined PEAK Surgical's board of directors. Existing investors Lehman Brothers and Venrock Associates also participated in this financing round.
“The size, valuation and timing of this financing validates the progress we have made in advancing our pulsed plasma technology and developing our flagship product, the PEAK Surgery System,” said John Tighe, president and chief executive officer of PEAK Surgical. “This financing allows us to aggressively pursue the development plan and commercialization efforts for our PEAK Surgery System, which we believe represents a quantum leap over surgical instruments in use today and will revolutionize the way surgery is performed. We believe it may have applications in more than 2 million surgical procedures.”
The PEAK(TM: 109.19, -0.61, -0.55%) Surgery System includes the PEAK PlasmaBlade(TM: 109.19, -0.61, -0.55%), a disposable cutting tool that offers the exacting control of a scalpel and the bleeding control of traditional electrosurgery without the extensive collateral damage. PEAK Surgical has filed a pre-market notification (510k) with the U.S. Food and Drug Administration (FDA) for the PEAK Surgery System. The company also has started setting up manufacturing for the PEAK PlasmaBlade and is establishing a national sales force to distribute the device once the 510k has been cleared by the FDA.
“PEAK Surgical has the financial foundation, management team and technology platform in place to ensure rapid development of its next-generation tissue dissection system,” Erony said. “We believe PEAK Surgical's pulsed plasma technology has broad applicability across numerous surgical fields and that the PEAK PlasmaBlade may offer a new alternative for surgeons to provide better outcomes for their patients, including reduced scarring and faster recovery.”
PEAK Surgical has raised more than $29 million to date in three rounds of private financing.
About PEAK Surgical, Inc.
PEAK Surgical, Inc. is a medical device company that is developing a new category of tissue dissection systems based on a proprietary technology. PEAK's flagship product in development, the PEAK(TM: 109.19, -0.61, -0.55%) Surgery System, combines the PULSAR(TM: 109.19, -0.61, -0.55%) Generator, which supplies unrivaled pulsed plasma radiofrequency energy, with the PEAK PlasmaBlade(TM: 109.19, -0.61, -0.55%), a disposable cutting tool that offers the exacting control of a scalpel and the bleeding control of traditional electrosurgery without the extensive collateral damage. The company is exploring the applicability of this technology across numerous surgical fields, including general, cardiac, gynecologic, plastic and neuro surgery. For more information, please visit http://www.peaksurgical.com.