Cambridge Endoscopic Devices yesterday filed for Chapter 11 bankruptcy protection, saying it owes creditors $17 million but has assets of only $3 million. The Framingham, Mass.-based medical device company, which made medical devices used for single-incision laparoscopy procedures, closed a debt-and-options offering worth $2.9 million in January 2014. A Chapter 11 bankruptcy allows the organization to re-form after settling its current […]
Cambridge Endoscopic Devices Inc.
Cambridge Endoscopic Devices closed a debt and options offering after meeting it $2.9 million target for the round.
Framingham, Mass.-based Cambridge Endo makes medical devices used for single-incision laparoscopy procedures.
The company secured the funding from 8 unnamed investors, according to a regulatory filing.
Omar Amirana, a partner at Oxford Biosciences, a life sciences VC firm that manages more than $1 billion in capital, will be pulling up anchor and moving over to Allied Minds, a “a private equity-funded innovation company.”
Allied Minds, which bills itself as “a holding company that creates subsidiary companies and supports them with capital, management, and shared services,” has offices in Boston and Los Angeles. The firm has over $250 million in assets and specializes in developing technology created at universities and research labs.
Cambridge Endoscopic Devices Inc. and Stemgent Inc. each made quick gains from multi-million dollar equity offerings that opened April 30.
Cambridge Endo, an endoscopic surgical tool maker based in Framingham, Mass., sold to one individual $3 million of a $7.5 million offering, according to Securities & Exchange Commission filings. CEO Woojin Lee and directors Walter Winshall and Phil Henderson were listed as principals in the deal.
Laparoscopic device companies Microline Surgical and Cambridge Endo will begin developing new products together, while Microline will take over their distribution.
Beverly, Mass. based Microline Surgical, founded in 1987, is a subsidiary of the $4.5 billion HOYA Corp., (TYO:7741), a Tokyo-based company, and has a broader reach for sales.