Saphena Medical has raised $3m in its series A round from a consortium including medical-equipment maker STD Med. Pavilion Medical Innovations, which incubates and commercializes medical technologies, also invested in Saphena Medical, a device company developing technology to harvest veins for use in coronay artery bypass grafting. Michael Glennon, founder of Pavilion and who will serve as president of Saphena Medical, said: “This funding and our close working relationship with the experts at STD Med will enable Saphena Medical to rapidly move our game changing platform technology through all the processes required for commercialization.” Steven Tallarida, oresident of STD Med, added: “Medical device incubators need to get their products to market faster and more cost effectively and that’s how Mike Glennon ‘s model works.” STD Med has seeded five medical device start-ups, including Cardiosolutions, which gained Italy-based Sorin Group’s corporate venturing investment in December, and sold Spirus Medical, to Japan-based Olympus Corporation in 2011. Saphena is also the fifth start-up for Pavilion, which most recently sold Vortex Medical to AngioDynamics.
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Saphena Medical raises $3m
Feb 16, 2013 • Global Corporate Venturing
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