SV Life Sciences has bought a majority stake in Ximedica. No financial terms were disclosed. As a result of the transaction, Randall S. Barko, president and CEO of Ximedica and the company’s current management will remain. Also, Paul LaViolette, managing partner and COO at SV Life Sciences, has been named chairman of Ximedica’s board. Headquartered in Providence, RI, Ximedica is a medical tech firm.
PROVIDENCE, R.I.–(BUSINESS WIRE)–Ximedica today announced that SV Life Sciences has acquired majority interest in the company from Co-Founders Stephen Lane and Aidan Petrie. Ximedica will maintain its headquarters in Providence, RI. President & CEO Randall S. Barko and the current management team will remain in place, and Aidan Petrie will continue in his role as Chief Innovation Officer. Paul LaViolette, Managing Partner and Chief Operating Officer at SV Life Sciences, will join as Chairman of Ximedica’s board. Terms of the transaction were not disclosed.
Ximedica is a full service ISO 13485 certified and FDA registered product development firm that focuses exclusively on the development and commercialization of medical devices. As a trusted innovation partner for over 25 years, Ximedica deploys an integrated, user-centered process that provides clients with a commercialized product that achieves a strong return on investment, adoption, market share and customer satisfaction.
The company’s deep bench of expertise includes a spectrum of disciplines. Ximedica offers global research capabilities to support growth market opportunities, human factors engineering and usability, multi-disciplinary engineering teams that utilize systems engineering techniques–all the way through to testing and manufacturing services for clinical builds–all within one facility, ensuring efficiency, accountability and IP protection.
“We are excited to partner with SV Life Sciences as we embark upon the next phase of our global growth strategy,” said Randy Barko, Ximedica CEO. “Their experience in working with entrepreneurs and management teams in the Americas and Europe, deep medtech expertise and industry relationships and their access to growth capital, will be important as we take advantage of opportunities in expanding markets.”
“We look forward to great work ahead with Randy, Aidan and the rest of the team at Ximedica,” noted SV’s LaViolette, ,“Ximedica is a unique growth platform in Medtech and a great addition to the SV Life Sciences portfolio. It fits very well across our three sectors, Biotechnology, Medical Devices and Healthcare Services. The combination of Ximedica’s great team, marquee client list and history of success creates a unique and exciting growth opportunity.”
Ximedica is a full-service product development firm exclusively focused on medical technology. Entrusted by the world’s leading medical and pharmaceutical companies as well as emergent start-ups, we help our clients envision, develop and deliver their innovations to market. Both ISO 13485 certified and FDA registered, our Quality System ensures the breakthrough designs and intellectual property we create improve outcomes and enhance lives. Ximedica has offices in Providence, Minneapolis, Boston, Chicago and Hong Kong. www.ximedica.com
About SV Life Sciences
SV Life Sciences is a leading international life sciences venture capital firm. SVLS affiliated funds have been investing in life sciences companies since the early 1980s and the firm closed its first dedicated life sciences fund in 1994.
The SVLS team manages five private venture capital funds with approximately $1.9 billion of capital under management. The firm employs a diversified strategy within life sciences in order to selectively capitalize on an expanding opportunity in biotech, medical devices, health-care services and healthcare information technology. SVLS has offices in Boston, London and San Francisco. http://www.svlsa.com