Healthcare Industry News: S Series
News Release - October 28, 2008
Salient Surgical Technologies, Inc. Secures $17.9 Million in Series F Financing Round
Capital Will Be Used To Fund Company Growth and Expansion PlansDOVER, N.H.--(HSMN NewsFeed)--Salient Surgical Technologies, Inc., a privately held medical technology company that develops and markets advanced energy devices for use in surgical procedures, today announced the completion of itS Series F financing totaling $17.9 million. Investors in the round included Piper Jaffray, Arnerich Massena & Associates, Medtronic, Inc., RiverVest Venture Partners, and other financial and strategic investors.
Salient plans to use the net proceeds to fund programs aimed at continuing to expand its sales and marketing organization and accelerating development of new advanced energy products based on its proprietary Transcollation(TM) technology. Salient will also use a portion of the proceeds to fund working capital requirements and amortize term debt.
“The strong support shown by our existing investors and Piper Jaffray in this round will provide capital necessary to help fund planned expansion of our sales organization and increased investment in our product pipeline as we strive to establish our Transcollation(TM) technology as the standard of care in our current markets and explore new clinical applications,” stated Joseph F. Army, President and CEO of Salient.
“Piper’s Merchant Banking Fund is delighted to have an opportunity to invest in Salient Surgical. We think Transcollation(TM) technology is compelling and the company has a bright future,” stated Bob Rinek, Co-Head of Merchant Banking.
About Salient Surgical
Salient Surgical Technologies, Inc. is a medical technology company that develops and markets advanced energy devices for use in surgical procedures. Salient's proprietary Transcollation(TM) technology allows surgeons to rapidly treat tissue at the surgical site by transforming specific types of collagen based structures to improve patient outcomes. Salient's products are currently used in orthopedic reconstruction, spine and surgical oncology. To date, Transcollation(TM) technology has been used in over 200,000 surgical procedures.
Source: Salient Surgical Technologies
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