VC Monitor: MedTech

by New Harbor Venture Partners, March 1, 2024

We raise capital from the top VCs within the life science-dedicated investment community, globally, and represent their portfolio companies. The VC Monitor: MedTech highlights the information we find interesting and use daily. Please subscribe and share.

In this issue: Deals - Abridge, an AI platform for clinical conversations, leads with a $150M Series C. Pods - Booming biotech stocks - a tailwind for life sciences investing. Conference Calendar - we'll be attending LSI at Dana Point. Headline news: Investors "flocking" back to biotech; notes from AAOS and VIVE conferences.

VENTURE DEALS

Summaries. Company. Deal size, round. Therapeutic area / vertical. Lead / select investors. Location. Each linked to related article and / or website.

• Abridge. $150M, C.? AI for medical notes. LightSpeed & Redpoint Ventures. Pittsburgh.?
• Impulse Dynamics. $136M. Cardiac contractility modulation for chronic heart failure. Hobart Group, ActLoger, Redmile Group, Perceptive Advisors. NJ.
• Alamar Biosciences. $128M. Precision proteomics platform for detection of cancer. Sands Capital and Terra Magnum. CA.
• Mainstay Medical. $125M. Mechanical treatment for chronic low back pain. Gilde Healthcare, Viking Global. San Diego.?
• Medical Microinstruments. $110M, C. Microsurgery; soft tissue open surgery. Commercialization. Fidelity Management.
• Fabric. $60M, A. Automation for healthcare providers. General Catalyst. NYC.
• Argá Medtech. $58M, B. Non-thermal cardiac ablation system. Advent Life Sciences, Earlybird Venture Capital, Gilde Healthcare. Switzerland.?
• Reprieve Cardiovascular. $42M, Series A. ADHF treatment device. Sante Ventures, Lightstone Ventures. MA.
• Bioptimus. $35M, seed. AI foundation model for biology. Sofinnova Partners. Paris.
• Cagent Vascular. $30M, C. Intravascular technology to treat diseased peripheral arteries. US Venture Partners. PA.
• Shape Memory Medical. $30M, C. Therapeutic for vascular market. HBM. Santa Clara.
• Oula. $28M, B. Maternity care clinic provider (services.) Revolution Ventures, Maverick Ventures. Brooklyn, NY.
• HealthSnap. $25M, B. RPM / chronic care management (mobile health). Sands Capital. Miami.
• restor3d. $21M. Orthopaedic Solutions: 3D printing, AI, biomaterials, biomechanics, personalized. Front Porch Ventures. Durham, NC.
• Azmed. €15M, A. AI medical imaging, Techstars. Paris.
• Bertis. $15M. Pre-IPO. AI dx for cancer and cardiac diseases. Dream CIS, Premier Partners, B&H Investment. South Korea.
• OtoNexus Medical Technologies. $13M, debt&equity. Dx for middle ear infections. Multiple funds. Seattle.
• 9amHealth. $9.5M, A (2024). Virtual cardiometabolic health provider. The Cigna Group Ventures. CA.
• Artiria Medical. $8M, A2. Navigation of brain arteries, stroke treatment. 4FOX Ventures. Switzerland.
• Siftwell Analytics. $6M, seed. AI for payers. AlleyCorp. NC.
• Avatar Medical. €5, seed.VR planning for surgeons. GO Capital. France.?
• Healionics. $5.5M, A3. Clinical stage. Bloodstream access for dialysis patients. Keiretsu Forum. Seattle.?
• Echopoint Medical. ￡4.2 million, A. Devices for patients who suffer chest pain. AlbionVC. London.?
• Scinvivo. $5M, seed. Cancer dx & care; imaging. Netherlands.?
• Gasgon Medical. €4M. Commercialization. IV delivery tech. Ireland.
• Elektra Health. $3M, seed. Digital health, menopause. UPMC Enterprises. NYC.
• MaRI. $3M, B. Non-contact sleep apnea device. Japan.
• BiteRight.$3M, A. Service: custom dental implants. Inveready Asset, Laboratorios Inibsa. Spain.?
• Samphire Neuroscience. $2M, seed. Women's health; neuromodulation. AfterWork Ventures, HAX and Ayuh Ventures. London.?
• Prolocor. $2M, seed. Dx to quantify FcyRIIa on the surface of platelets;? atherosclerotic cardiovascular disease. Green Park & Golf Ventures, Labcorp Ventures, Labcorp. Philadelphia.
• Triopsy. $2M. 3D prostate biopsy for cancer dx. Bioventures Investors. CO.

PODS

• The Readout Loud: 296: Legal insider trading, booming biotech stocks, & the next GLP-1
• 20VC: Are IPO Windows Shut? Has Regulation Killed the M&A Market?? …. M&A OG Frank Quattrone on Lessons from 650 M&A Deals Worth Over $1TRN (technology focus)
• DigitalHealth InvestorTalk: DigitalHealth InvestorTalk: The Outlook for 2024 with Steven Wardell?
• Becker PE&Business: Adam Feinstein, Founder & Managing Partner, Vesey Street Capital Partners
• Funding Medtech: Episode 15 | Evan Bernath, Investor at Rex Health Ventures | Hospital Venture Group?
• Medtech Talk: Episode: 184 - Amr Salahieh on the Keys to Successful Entrepreneurship
• Breaking Health: Episode: 167 - Generative AI in Healthcare: Hype or Hope??
• Raising Health: The Most Interesting Healthcare Companies You've Never Heard Of with Julie Klapstein. Julie Yoo. … how AI could impact healthcare—for payors, providers,…..
• Raising Health: CRISPR by Design with Benjamin Oakes. Vijay Pande.
• 'Podnosis': What are the healthcare sector’s sustainability needs? | Fierce Healthcare
• Becker PE&Business: Mastering Healthcare M&A: The Crucial Role of Sell-Side Diligence in Seller Success 2-20-24?
• Becker PE&Business: Deal Flow Update with Matt Wolf, Health Care Senior Analyst an RSM 2-16-24?
• Closing Time Podcast: Pharmacoeconomist Pitches AI-driven Medication Management Solution
• Podnosis: Maternal mental health in the spotlight?
• DeviceTalks: How do I navigate the clinical affairs process effectively? with Christina Hawley

DATA RESOURCES, RESEARCH, INDUSTRY VIEWS

• AI Jobs to be Done in Life Sciences | Andreessen Horowitz (a16z.com)
• Comprehensive: HSBC Venture Healthcare Report; 2023 review by sector.? (John Norris) Med Device First-Financing headlines: Falling investment in 2023; increased corporate investment; PMA deals rare; 510(k) pathway deals up; Neuro Investments Stable; NIM declines; diverse set of larger, early stage deals. ... more starting on page 44.
• 2023 LSI Alumni Funding Report (googlesheet) - OFFICIAL
• 2024 Healthcare and Life Sciences Predictions - Bessemer Venture Partners (bvp.com) - #1 Tourist investors will leave hc - for now
• 2024 MTI 100 Company Rankings: Medtech Insight - company sales data
• 2024 Healthcare CFO Outlook Survey | BDO - "dealmaking back on the agenda"
• Healthcare CFOs are optimistic yet cautious in 2024 -fiercehealthcare.com
• Private equity deals in MA are declining, report finds -fiercehealthcare.com
• Fierce Healthcare Fundraising Tracker?
• Biotech Venture Ecosystem: Quick Health Check - LifeSciVC

CONFERENCE CALENDAR

MARCH

• HealthNext 2024: AI. Mar 4-5, Cornell Tech, NYC.
• HIMSS Healthcare Information and Management Systems Society | HIMSS,? Mar 11-15. Orlando.
• AdvaMed CEO Summit, Mar 11 – 13, Scottsdale.
• LSI USA 2024, Emerging Medtech Summit. Mar 18-22. Dana Point, CA.
• STAT Breakthrough Summit East - Pharma / biotech. Mar 21. NYC.
• RESI South, Mar 25, Atlanta. Precision Med, TRI-CON, Mar 26-28. San Diego.
• Precision Med, TRI-CON, Mar 26-28. San Diego.

APRIL

• Perspectives on Everything-as-a-Service (XaaS) in MedTech Event - MassMEDIC - virtual
• MedInvest Biotech & Pharma. Apr 3-4. NYC.
• MedTech Strategist, Innovation Summit Dublin 2024-MedTech Strategist — MedTech Strategist, April 16-18, 2024, Dublin.
• Leadership Summit? - LeadingAge. Apr 15-17, DC.
• BioIT World: Venture, Innovation and Partnering, Building a Global Network for Precision Medicine, Apr 17, 2024, Boston.
• LSX, MedTech Leaders, April 29-30, 2024, London.

MAY

• DeviceTalks Boston | Premier MedTech Events, May 1-2, 2024, Boston.
• Midwest Showcase | Chicago | Project Medtech - May 8, Chicago.
• The MedTech Forum, largest health technology industry conference in EU, May 22-24, 2024, Vienna.
• BioNJ Biopartnering; May 14; Jersey City, NJ. select medtech companies.

SELECT HEADLINES

• Investors Flock Back to Biotech After a Long, Cold Spell - WSJ - 1/1 thru mid-Feb. $3.2B VC (similar to 2023), $6B+ in follow-on financing…
• ViVE 2024: Highmark taps Epic, Google Cloud for new partnership (fiercehealthcare.com)
• ViVE 2024: GE, VC-backed Biofourmis team up on scaling virtual care in the home (fiercehealthcare.com)
• Henry Schein expects cyber incident costs to continue in 2024? $350-400M| MedTech Dive
• Fundraising Tracker - fiercehealthcare.com
• The biggest stories from AAOS 2024 | MassDevice

M&A and EXITS

• Wall Street’s Latest Pitch Is a Contradiction: Private IPOs - WSJ
• 3M to spin off health unit April 1 | MedTech Dive
• Ginkgo adds gene editing tools in buyout of Feng Zhang-founded Proof Diagnostics | BioPharma Dive
• Agiliti to go private in $2.5B PE deal | MedTech Dive

NEW FUNDS

• ORI Capital Collects $260 Million for Second Life-Sciences Venture Fund - WSJ

FDA & REGULATORY

• Fraudulent and Unreliable Laboratory Testing Data in Premarket Submissions: FDA Reminds Medical Device Manufacturers to Scrutinize Third-Party-Generated Data | FDA
• FDA clears wearable EP monitoring patch from X-trodes (massdevice.com)
• Better Therapeutics wins breakthrough nod for MASH treatment (massdevice.com)
• FDA clears surgical guidance system from Merit Medical (massdevice.com)
• AbbVie’s Cerevel deal hits an uncommon roadblock | BioPharma Dive
• European Commission To Cast Its Own Critical Eye Over MDR And IVDR :: Medtech Insight (citeline.com)
• The Wait Is Over: US FDA Advisory Committees Returning To In-Person Meetings Come Fall :: Medtech Insight

PUBLIC COMPANY NOTES

• Boston Scientific Completes $2B common and convertible preferred stock offering
• Zimmer receives FDA clearance for robotic shoulder system | MedTech Dive
• Johnson & Johnson launches new intraocular lens in EMEA (massdevice.com)
• SS Innovations files for Nasdaq uplisting, $50M offering (OTCMKTS:SSII) | Seeking Alpha

OTHER NEWS

• Medical device recall system ‘failing to meet the needs of public health,’ physicians find | MedTech Dive

NEW HARBOR VENTURE PARTNERS

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