Healthcare Industry News: Aspect Medical Systems
News Release - July 6, 2007
TissueLink Medical Secures $20 Million in Series E FinancingDOVER, N.H.--(HSMN NewsFeed)--TissueLink Medical Inc., a privately held medical device company, announced today that earlier this year it completed its Series E financing totaling $20 million. Current investors Arnerich Massena & Associates and RiverVest Venture Partners led the financing round.
The Series E financing will enable TissueLink to expand its sales and marketing organization, further develop its products and fund its working capital requirements. Joseph F. Army, President & CEO, TissueLink Medical stated: "The Aquamantys(TM) System, launched in 1Q'06 continues to gain market acceptance. This financing will fund the continued expansion of our direct sales force and new product development based on the Aquamantys System platform."
Separately, TissueLink also announced that Jay W. Schmelter has been elected as Chairman of the Board of Directors. A co-founder of TissueLink, Mr. Schmelter presently serves as Managing Director of RiverVest Ventures, a venture capital firm investing in emerging medical device and biopharmaceutical opportunities. Mr. Schmelter stated: "The combination of this financing, and Joe Army's leadership, will enable TissueLink to continue its rapid growth and product innovation aimed at reducing or eliminating bleeding in surgery." In addition to Mr. Schmelter, the Board of Directors is comprised of the following individuals: Mr. Joe Army, President and CEO of TissueLink Medical, Mr. J. Neal Armstrong, former CFO of Aspect Medical Systems, Inc., Mr. Tony Arnerich, founder of Arnerich, Massena & Associates, Mr. Gary Ellis, Senior Vice President and CFO of Medtronic, Mr. Rick Randall, President and CEO of TranS1, and Mr. Win Wallin, Chairman Emeritus of Medtronic.
About TissueLink Medical, Inc.
TissueLink Medical, founded in 1999, is a private company that develops and markets innovative disposable surgical devices that reduce or eliminate bleeding in surgery. Over 100,000 patients worldwide have benefited from the company's products. TissueLink technology is used by surgeons to control bleeding in solid organ resections, orthopaedic reconstruction and spine surgery. The company's proprietary technology can apply to multiple surgical specialties addressing markets that exceed $3.5 billion.
Source: TissueLink Medical
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