Cardiorobotics Inc. is branching out.
The Middletown, R.I.-based robotic surgical tool maker took out a lease for lab space in Raynham, Mass., according to the Providence Business News website.
That might be cause for some consternation in the Ocean State, where Cardiorobotics has landed a total of $750,000 from the Slater Technology Fund, the state’s venture capital agency.
But president and CEO Samuel Straface told PBN that the company inked the Raynham lease because the 14,500-square-foot facility there, which is in the same complex occupied by Johnson & Johnson (NYSE:JNJ) subsidiaries DePuy Mitek Inc. and Codman & Shurtleff Inc., is a turnkey lab operation.
“We can move in and use that engineering facility as-is. It’s a combination of both manufacturing, quality control and lab space,” Straface said. “We’re a Rhode Island company."
The company expects to double its 15-employee workforce by the end of the year, he added.
Cardiorobotics closed an $11.6 million Series A private equity financing round last summer, aimed at funding clinical trials and commercializing its "snake robot" device. The company is developing the cardioARM device, a robotic method to treat heart arrhythmia using a single-port, epicardial procedure.
The standard of care for cardiac arrhythmia typically involves open-heart surgery and a heart-lung machine, which performs the work of those organs while surgeons work on the heart.
Cardiorobotics claims its device will transform that lengthy, complex procedure into one involving only a small incision, no heart-lung machine and about an hour’s time.
Cardiorobotics raised another $5 million from a group of unnamed investors earlier this month.