ZipLine Medical Closes $9 Million Growth Financing Led by Existing Investor MVM Partners LLP
CAMPBELL, Calif.–(BUSINESS WIRE)–ZipLine Medical, Inc. today announced completion of a growth financing round totaling $9 million. Proceeds from the financing will be used to continue worldwide commercialization activities for its Zip® Surgical Skin Closure products, and support the launches of ZipStitch™, an over-the-counter laceration closure device, and PreLoc® Wound Closure for chronic wounds, such as diabetic foot ulcers. The financing was led by existing investor MVM Life Science Partners LLP, with participation from existing investors HighCape Partners and Bridge Bank.
“This financing provides ZipLine Medical with additional capital to continue our strong revenue growth in the U.S. and internationally. We are excited about the strong market acceptance of our Zip Surgical Skin Closure devices in many surgical specialties, including orthopedics, cardiovascular, and the emergency department,” said John Tighe, President and Chief Executive Officer for ZipLine Medical.
“The ZipLine team continues to introduce innovative products based on proven core technology that address the needs of new markets, and we are proud to be a part of this,” said Bali Muralidhar, Partner at MVM Partners LLP.
“We are excited to participate in this financing and help propel the company to the next level of growth and commercial success,” said Rob Lake, Senior Vice President and Head of Life Sciences at Bridge Bank.
The ZipStitch™ over-the-counter laceration closure device is based on the same clinically-proven technology as the flagship Zip® Surgical Skin Closure. ZipStitch was awarded the Medical Design Excellence Award in the Over-the-Counter and Self-Care Products category on June 12, 2018 in New York. This competition is judged by a panel of clinicians, engineers and designers and is based on a product’s innovation, as well as benefits to overall healthcare. ZipStitch can be purchased online at www.zipstitch.us.
ABOUT ZIPLINE MEDICAL
ZipLine Medical is an innovator in cost-effective, non-invasive wound closure products that address the need for better clinical outcomes and reduction in overall healthcare cost. Zip Surgical Skin Closure devices have been used in over 500,000 cases and in over 30 countries worldwide. ZipLine Medical was founded by Amir Belson, M.D. and is headquartered in Campbell, CA. For more information, visit www.ziplinemedical.com.
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