CLEVELAND, OH--(Marketwired - Sep 15, 2016) - Securus Medical Group, Inc., a privately held medical device company, announced the closing of a $10 million Series C financing led by Boston Scientific Corporation. Boston Scientific joined with existing investors RiverVest Venture Partners, 3X5 Special Opportunity Fund, and the University of Michigan MINTS program, as well as another new investor, the Global Cardiovascular Innovation Center. Series C proceeds will be used for continued product development and clinical investigation of the Company's recently FDA cleared infrared thermographic system [IRTS]. IRTS is a proprietary, intrabody thermal measurement device that is intended for continuous esophageal temperature monitoring.
"We are pleased to have Boston Scientific as an investor and a representative of Boston Scientific as a Board member. Securus Medical Group's expanded investor base now includes a world-class medical device company, top-tier venture capital funds, and world-renowned healthcare systems," said Steven Girouard, President and CEO of Securus Medical Group, Inc.
Commenting on the transaction, Board member Karen Spilizewski, Vice President for founding investor RiverVest Venture Partners stated, "This financing accelerates Securus Medical Group's technology development, and importantly it enables further validation of the Company's core technology which holds great potential to change the standard of care for esophageal temperature monitoring."
About Securus Medical Group, Inc.
Securus Medical Group, Inc. is developing easy to use, real-time, noncontact, thermal mapping systems to determine intrabody tissue temperatures. The Company maintains administrative headquarters at Cleveland Clinic's Global Cardiovascular Innovation Center and has R&D operations in Massachusetts.
About Boston Scientific
Boston Scientific is a worldwide developer, manufacturer and marketer of medical devices that are used in a broad range of interventional medical specialties. For more information, please visit: http://www.bostonscientific.com/.
About 3x5 Special Opportunity Fund, L.P
3x5 Special Opportunity Fund, L.P. is a St Louis and Portland-based closed-end private investment fund focused primarily on direct investments in later-stage companies within the healthcare and clean-tech sectors. The fund closed in early 2013 at approximately $80 million in committed capital, which has been deployed to six portfolio investments.
About RiverVest Venture Partners
RiverVest Venture Partners is a venture capital firm focused on identifying and shaping early stage life science companies to create significant shareholder value. With hands-on, high-level expertise and financial resources, RiverVest supports entrepreneurs by helping them achieve near-term objectives that position their companies for exit. For more information, please visit www.rivervest.com.
About the Global Cardiovascular Innovation Center
The Global Cardiovascular Innovation Center (GCIC) is a cardiovascular product development consortium led by Cleveland Clinic made possible through a $60 million grant from the State of Ohio's Third Frontier Program. Founded in 2007, GCIC is focused on the formation, attraction, expansion and retention of cardiovascular companies to create jobs and facilitate economic development in the State of Ohio.