ZipLine Medical said today it closed a $12 million Series E round of financing, with funds slated to support commercialization of its Zip surgical skin closure portfolio and product development.
The round was led by newly invested growth equity fund HighCape Partners, and was joined by existing investor MVM Life Science Partners. As part of the financing round, HighCape Parnters operating partner Dean Tozer will join the company’s medical board of directors.
“ZipLine Medical has introduced a revolution in surgery – advanced wound closure that addresses inherent limitations with traditional, antiquated methods. The ZipLine team is developing and marketing disruptive products that minimize risk, improve clinical outcomes and address the constant pursuit of cost-effective healthcare,” = Tozer said in a prepared statement.
“We are excited to help propel the company to the next level of growth and commercial success,” HighCape Partners founder Matt Zuga said in a prepared release.
“We are pleased to have HighCape Partners’ support for ZipLine Medical. Their experience in the wound care market will be invaluable for the commercial roll-out of the company’s novel product suite,” MVM Life Science Partners partner Bali Muralidhar said in prepared remarks.
Funds from the round will support continued international commercialization of its Zip surgical skin closure products, as well as the development of “advanced tools to reduce post-discharge costs in a bundled care environtment,” the company said.
The Campbell, Calif.-based company’s Zip is a low-cost, non-invasive skin closure device designed to be alternative to suturing and stapling and to cut down on surgical site-related infections. The device has 510(k) clearance from the FDA.
“This financing will allow us to further expand our global business, as well as introduce new products that improve upon the standard of care while driving down healthcare costs,” ZipLine prez & CEO John Tighe said in a press release.
Last December, ZipLine Medical said it won Chinese FDA approval for its Zip surgical skin closure device and commercially launched the device in the region.