Extension reflects commercial sales traction for Zip®, designed to produce suture-like outcomes with significant surgical time-savings
CAMPBELL, Calif.–(BUSINESS WIRE)–October 20, 2014–
ZipLine Medical announced today that it has closed a $5.7 million extension to its Series C financing, which was announced on Jan. 21, 2014. The financing extension was led by new investor China Materialia LLC, a Shanghai, China-based, venture capital company. The financing extension included participation from existing investors RA Capital Management (Boston, MA), Claremont Creek Ventures (Oakland, CA) and XSeed Capital (Portola Valley, Calif.). Proceeds from the Series C extension will be used to expand sales and marketing activities.
“The noninvasive Zip® Surgical Skin Closure device is a transformative product with numerous applications across many markets around the world,” said Min Zhou, PhD, co-founder and CEO of China Materialia. “We see that Zip® is bringing significant benefits to patients while reducing hospital cost and infection rate. We are happy to support ZipLine Medical and help its expansion into the market in China,” added Dr. Zhou, who has joined ZipLine’s board of directors.
“This Series C extension allows us to further expand our sales and marketing activities to leverage the overwhelming support we are receiving from key opinion leaders among clinicians,” said John Tighe, President and CEO of ZipLine Medical.
ZipLine Medical (www.ziplinemedical.com), headquartered in Campbell, Calif., is a medical device company founded by Amir Belson, MD, that is developing cost-effective, noninvasive surgical skin closure devices for suture-like outcomes at the speed of staples, with a reduced risk of surgical site infection. Because skin-closure is the common denominator of nearly all surgical procedures, Zip® Surgical Skin Closure devices have extensive applicability across multiple medical specialties. The Company’s addressable market opportunity is estimated at $4 billion worldwide. Zip® Surgical Skin Closure devices are classified by the U.S. FDA as ‘Class I, 510(k) Exempt’ and have received CE Mark.
About China Materialia LLC (www.chinamaterialia.com)
China Materialia LLC is a venture capital company that invests in world-class innovations with significant market opportunities in China. CM actively supports its portfolio companies in strategy and business development.
ZipLine and Zip are registered trademarks of ZipLine Medical, Inc.