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Centerline Biomedical, Inc. (Centerline), a private medical technology company, announced June 27th the closing of a $33 million Series B equity financing led by Cleveland Clinic with participation by GE Healthcare, RIK Enterprises, JobsOhio, Jumpstart Ventures and G2 Group Ventures. Proceeds will accelerate a robust R&D pipeline, commercial partnerships and clinical activities led by leading institutional and strategic investors.
Centerline Biomedical’s system improves visualization and guidance in endovascular procedures while reducing dependence on radiation and contrast agents with the goal of improving patient outcomes, as well as overall efficiency for clinicians. Its flagship product, IOPS® (Intra-Operative Positioning System) was developed in Cleveland Clinic’s Heart, Vascular & Thoracic Institute and utilizes patented algorithms to generate a patient-specific vascular map combined with electromagnetic tracking and smart sensor-equipped surgical devices to provide real-time, 3-D color visualization and navigation of the human vascular system.
IOPS® is FDA 510(k) cleared and currently launching in the US at select sites. Expansion to Europe and other key markets will occur in 2023. This platform technology drives an active R&D pipeline, supported by four NIH (National Institute of Health) grants to date, and backed by a world-class scientific advisory board, with foundational programs to both expand and extend the capabilities in the vascular space and enter the structural heart space.
Technology development is very important for patient outcomes and their survival in many areas of medicine. New techniques in approaching serious health issues, like breast cancer, for instance, are constantly driving improvements in detection and ultimately, outcomes. Observing women of color were more likely to not discover their breast tumors because their breast density made detection by standard mammography difficult, specialists developed digital tomosynthesis, in which the image is three-dimensional. In just seven seconds, the X-ray device circles the breast and takes eleven images, which are then digitally assembled by a computer algorithm to produce one complete image of the breast tissue, viewable from multiple angles. This gives increased visibility to tumors that may have been missed in dense breasts examined by mammography.
But no matter how AI and tech are used to better our health, more money is always needed.
This funding will help propel the company into new surgical applications, accelerate its commercial sales and add to its growing clinical evidence repository. “This capital has the potential to enable IOPS® to transform the imaging framework to improve safety, quality, and cost of minimally-invasive vascular procedures,” said Todd Schwarzinger, General Manager, Business Development, Cleveland Clinic Innovations. He also noted that Centerline is a success story for Northeast Ohio. “This technology represents another example of our region’s success in supporting early-stage innovation within the MedTech startup space.”
Cleveland Clinic, a non-profit academic medical center, is known for its endeavor to find the best solutions for patient care. In January 2020, they announced a collaboration with GYANT, a patient connection and relationship management company, to enhance post-discharge communication between patient and caregiver.
As part of the collaboration, GYANT and Cleveland Clinic were going to digitally transform the post-discharge process.
Combining Cleveland Clinic’s care management processes with GYANT’s AI-driven patient engagement platform has fueled a 39 percent increase in the hospital’s patient contact rate. This, joined with live clinical engagement, helps patients and their providers stay in contact thus offering a more efficient patient and caregiver experience.
Investors believe in Centerline Biomedical’s solutions for bettering healthcare outcomes, and their satisfaction to have been able to put money behind it has been equalled only by their eagerness to see how the company will progress down their chosen path.
“The opportunity to invest in innovative technology like Centerline Biomedical’s IOPS® solution aligns with GE Healthcare’s mission of delivering more precise and efficient care. As the number of minimally invasive procedures for complex interventions increases, so does the need for advanced technology to enable clinicians to make faster, more precise and informed decisions to improve patient care. We look forward to working with Centerline Biomedical as well as clinicians to explore the possibilities of this technology, as well as how this can complement our imaging and guiding systems,” said Arnaud Marie, General Manager for Global Interventional at GE Healthcare.
Raising the money they needed was good news for the specialists involved in improving the outcomes of endovascular surgery.
“Our technology is already yielding excellent clinical benefits and this funding will help realize our mission of improving the outcomes, radiation safety and accuracy in endovascular surgery,” said Philip D. Rackliffe, CEO. “Successfully raising this capital given the challenging global environment is a resounding testament to this technology and incredible team at Centerline”.
Founded in 2014, Centerline Biomedical is headquartered in Cleveland, Ohio. The company’s FDA-cleared technology platform enables dramatically improved visualization and guidance in endovascular procedures. Centerline is backed by Cleveland Clinic, GE Healthcare, RIK Enterprises, JobsOhio, Jumpstart Ventures and G2 Group Ventures.