Genesis Innovation Group's cultivate(MD) Capital Funds announces Virtual Incision's Closing on $46 Million in Financing

News provided by

Dec 01, 2021, 07:03 ET

GRAND RAPIDS, Mich., Dec. 1, 2021 /PRNewswire/ -- Genesis Innovation Group's cultivate(MD) Capital Funds announces that one of their portfolio companies, Virtual Incision Corporation, a medical device company pioneering first-of-its-kind miniaturized robots for laparoscopic surgery, has raised $46 million in a Series C funding round. The round was led by Endeavour Vision and Baird Capital, with significant participation from returning investors Bluestem Capital and cultivate(MD) Capital Funds. The funds will be used to support regulatory and clinical programs leading to the commercialization of the company's MIRA® ("miniaturized in vivo robotic assistant") Surgical Platform.

"We are very excited to continue our support of Virtual Incision. The company has hit all previous milestones and has made it an easy decision for our continued investment and involvement. We are honored to invest alongside Endeavour Vision, Baird Capital and Bluestem Capital," said David Blue, Partner, cultivate(MD) Capital Funds.

"Virtual Incision's goal is to transform surgery by providing a practical and hassle-free platform that will enable efficient, effective, and affordable access to robotic-assisted technology, regardless of the site of care. We are excited that this funding will support our efforts to advance MIRA, so that more patients can ultimately experience the benefits of minimally invasive surgery."

Virtual Incision recently announced the world's first surgery using the MIRA Surgical Platform performed by Michael A. Jobst, M.D., at Bryan Medical Center in Lincoln, Neb. The robotically assisted right hemicolectomy procedure was performed as part of a clinical study of MIRA under an Investigational Device Exemption (IDE) from the U.S. Food and Drug Administration (FDA). The study, which the company believes is progressing well, is currently being conducted at a limited number of U.S. hospitals in support of the system's regulatory pathway to approval.

"The ability of MIRA to successfully perform colon resection—a challenging procedure in minimally invasive surgery that requires multi-quadrant anatomical access and significant robotic strength—demonstrates the huge potential of the platform," said Shane Farritor, Ph.D., Virtual Incision's co-founder and chief technology officer. "This funding milestone represents a step forward in our goal to deliver a miniaturized solution for robot-assisted laparoscopic surgery, regardless of the site of care."

"While the demand for robotically assisted surgery continues to grow because of its clear benefits for patients, there are still challenges that hinder broader adoption, such as high cost, complex set-up, and required space and infrastructure," said Robert Barmann, Partner, Endeavour Vision. "MIRA is intended to address the limitations associated with current main-frame robotic-assisted surgery systems through its small, mobile design that is streamlined for routine high volume procedures. We look forward to partnering with Virtual Incision to advance this innovative technology."

"MIRA is a space-saving solution designed to help hospitals and ambulatory surgery centers leverage their existing infrastructure to perform surgery efficiently while offering a low total cost of ownership," said Amy Len Kobe, Principal with Baird Capital. "Consistent with our venture team's investment goals, the MIRA platform has the ability to improve care for patients, physicians, providers, and payors. And, best of all, it's unlike any other surgical robotic platform available today."

Funding from the round will also be used to support the company's research and development pipeline. Beyond its initial device design for colon resection, Virtual Incision has begun developing a family of mini-robots optimized for additional operations such as hernia repair, gallbladder removal, hysterectomy, sleeve gastrectomy and others, potentially enabling millions more surgical procedures each year. With its foundational intellectual property—including more than 200 patents and applications—Virtual Incision is poised to lead the next wave of innovation in robotic-assisted surgery with the pioneering MIRA system.

About cultivate(MD) Capital Funds

As a medical device venture capital fund, cultivate(MD) is dedicated to bringing emerging health care innovations to market, with a special focus on medical device and orthopedic technologies. cultivate(MD) is focused on investing in early stage healthcare companies with innovative technologies that have demonstrated evidence of effectiveness.

This press release does not constitute an offer to sell or solicitation of an offer to buy any securities in any offering of securities. There will not be any sale of any securities in any state or jurisdiction in which such offering, sale or solicitation would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

For more information, visit: https://genesisinnovationgroup.com/

Cautionary Note Regarding Forward-Looking Statements

This communication contains statements that constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding our plans, beliefs, expectations and assumptions, as well as other statements that are not necessarily historical facts. You are cautioned that these forward-looking statements are only predictions and involve risks and uncertainties. Further, any forward-looking statement speaks only as of the date as of which it is made and we do not intend to update or revise any forward-looking statements. This communication also contains market data related to our business and industry which includes projections that are based on a number of assumptions we believe are reasonable and most significant to the projections as of the date of this communication. If any of our assumptions prove to be incorrect, our actual results may significantly differ from our projections based on these assumptions.

SOURCE Genesis Innovation Group