Centerline Biomedical Closes $10 Million Financing, Announces Key Appointments and Numerous Corporate Advancements

Surgical navigation startup secures $10 million in financing, recruits key personnel across Operations and R&D, announces a scientific presentation of its technology at the high-level 2020 Vascular Annual Meeting, and begins limited-launch commercialization of its Intra-Operative Positioning System (IOPS™) platform technology

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Centerline Biomedical

Mar 10, 2020, 09:57 ET

CLEVELAND, March 10, 2020 /PRNewswire/ -- Centerline Biomedical, Inc. (Centerline), a Cleveland Clinic spinout company, is announcing updates regarding its IOPS™ platform technology designed to improve patient and caregiver safety, reduce procedure time, limit harmful radiation and contrast dye, and overall reduce costs to healthcare systems while improving access to care.

The company has closed $10 million in funding in its first senior security offering in 2019 which will bolster key talent needs and allow for commercialization. Limited launch commercialization is beginning in the second quarter of 2020, with full launch beginning in the second half of the year. Early indications from voice-of-customer feedback are that the technology fills a critical patient, physician and healthcare provider need, which is supported by the number of evaluations in process.

To maintain this momentum, Centerline is aggressively hiring key talent across the organization. Newly-appointed Head of R&D Sreenivasan "Sreeni" Narayanan brings 25 plus years of experience in medical technology startups as well as multinationals, most notably in leadership roles at Siemens Healthineers where he recently served as Senior Director of R&D Strategy in the Advanced Therapy division. Sonya Snyder fills another key senior role as Head of Operations. Mrs. Snyder's tremendous experience includes over 20 years in manufacturing and operations, 15 of which were in the medical device sector launching more than 40 new products. Trained by the Shingijutsu group in Japan, she is an expert in Lean manufacturing methodologies.

"The closing of this financing round plus recruiting for these leadership roles bodes well for our organization and launch efforts," noted Philip D. Rackliffe, CEO. "Adding best-in-class talent to a game-changing technology is the perfect mix for growing an emerging technology company with the goal of lowering healthcare costs while improving patient and healthcare safety."

Centerline was also recently made aware that their scientific submission for the Vascular Annual Meeting (VAM) was accepted. Cleveland Clinic vascular surgeon Dr. Behzad Farivar will be presenting on Centerline research he conducted in a talk titled "3D Holographic Guidance, Navigation, and Control (3D-GNC) for Endograft Positioning in Porcine Aorta: Feasibility Comparison with 2D X-ray Fluoroscopy" at this leading vascular surgery conference. The research, funded through a small business grant from the NIH, demonstrated IOPS platform's potential in an animal model, showing significant advantages and advanced capabilities.

"We started Centerline with the goal of improving almost every aspect of minimally-invasive cardiovascular care," remarked Vikash Goel, CTO. "For five years our key clinician partners have provided immense support and have eagerly awaited this year's clinical launch. We could not be more excited to prove out our revolutionary technology."

For more information please visit centerlinebiomedical.com.

SOURCE Centerline Biomedical