Medtech Startups: Binx Health, BiVACOR, Rapid Medical, & more

Posted by Life Science Intelligence on Jun 1, 2021 9:23:39 AM
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LSI's Medtech Startup Tracker is focused exclusively on covering the privately-held innovators changing the medical device landscape.

This week in medtech deals an estimated over $375.3 million in funding was raised across 12 deals, in addition to a number of other undisclosed deals that were announced. Here are some of the top deals tracked:

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Top Deals – Medtech Fundraising Transactions for the Week

Company

Type

Amount Raised

Round

Binx Health

Point-of-care diagnostics

$104,000,000

Series E

Pulmocide

Drug delivery agent for respiratory infections

$92,000,000

Series C

Emboline

Embolic protection catheter

$55,000,000

Series D

Top deals for the week are based on publicly available information. At this time of this article’s publication, new deals for the week may have been announced.

LSI's Medtech Startup Tracker is focused exclusively on covering the innovators changing the medical device landscape. Here are some of the interesting startups we’ve recently profiled:

Binx Health, makers of a rapid diagnostic platform, raise $104M from Series E round


Funds from the round will support the expansion of manufacturing and commercialization for the company’s binx io point-of-care diagnostic testing platform. A key feature of the company’s platform is that samples can be collected anywhere – from the home, schools, or healthcare provider’s office. Binx initially entered the point-of-care testing market with tests for sexually transmitted infections. In response to the COVID-19 pandemic, the company submitted a request for Emergency Use Authorization (EUA) for a CRISPR-based test for COVID-19 using the company’s binx io platform. Key strategics in the point-of-care market include Biomerieux, Danaher, and Roche.

LSI Medtech Startup Tracker includes Binx Health, BiVACOR, Rapid Medical, Spark Biomedical, Emboline, & Precidion Neuroscience

BiVACOR is developing a total artificial heart device for treating heart failure

The BiVACOR system is a small compact device that can completely replace the function of a patient’s heart. The device uses magnetically levitated blood-pump technology to maintain necessary cardiac output in heart failure patients. In May 2021, BiVACOR announced that the company had raised $22M from a Series B round and a grant award. The investment will be used to fund preclinical research and hire new team members. Currently SynCardia Systems is the only manufacturer and provider of a commercially approved total artificial heart.

Rapid Medical completes Series D round raising $50M

According to Rapid Medical, the funding will be used to boost commercialization of the company’s minimally invasive stroke products. Rapid Medical is developing multiple solutions for the treatment of ischemic stroke. In March 2021, the company received FDA clearance for its Tigertriever revascularization device. The Tigertriever device restores blood flow in patients suffering from ischemic stroke by removing thrombi in intracranial vessels. In addition to Tigertriever, the company markets the Comaneci embolization assist system, a temporary endovascular device to facilitate coil embolization of intracranial aneurysm. To date, Rapid Medical has raised $79M in capital. Key strategics in the stroke management devices market include Medtronic, Penumbra, and Stryker.

Spark Biomedical – transcutaneous neurostimulation for treating opioid withdrawal

The company is developing the Sparrow Therapy System, a transcutaneous nerve field stimulator that can be worn 24 hours a day to deliver personalized stimulation for the treatment of withdrawal symptoms. The stimulation targets the cranial nerve branches of the trigeminal and vagus nerves to release endorphins that fill vacant opioid receptors. Opioid abuse remains a major public and economic challenge in the US and globally. Medtech continues to offer up new solutions for the management of opioid use disorder and withdrawal. In 2018, Pear Therapeutics became the first company to receive FDA approval for its reset-O prescription digital therapeutic.

Emboline raises $55M in Series D funding

Emboline is developing the Emboliner total embolic protection catheter for capturing debris accumulated during transcatheter procedures. Funds from the round will support the company’s upcoming US-based pivotal trial to obtain FDA approval for its Emboliner device. In addition to funding clinical trials, the investment will support research into new indications for the company’s technology and developing the company’s manufacturing and commercial operations. This Series D round follows a $10M Series C round that the company completed in January 2021. With this latest funding round, the company has raised an estimated $75M in capital.

Precision Neuroscience is developing brain-computer interfaces

New York-based startup Precision Neuroscience was founded in 2021 to develop a brain-computer interface platform based on its sizable IP portfolio and team with nearly two decades of experience in this market. A key focus of Precision Neuroscience will be the development of a minimally invasive delivery system to implant their platform. The company recently raised $12M from a Series A round lead by B Capital Group and Steadview Capital. Renewed interest in the brain-computer interfaces market was sparked by the founding of Elon Musk’s neurotechnology company – Neuralink. Other companies developing brain-computer interfaces include MindX and Paradromics.

Learn about the hottest venture funded startups developing innovative medical technologies using Life Science Intelligence’s Medtech Startup Tracker.

Topics: Insider, Startup, Strategics, Medtech, Medtech Innovation Weekly Update

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Life Science Intelligence (LSI) helps medtech executives make better strategic decisions by delivering unique market data and business insights. For over 13 years LSI has been working with industry giants – Johnson & Johnson, Medtronic, Abbott, Stryker, Cardinal, Boston Scientific, and Becton Dickinson, among others. LSI products are also leveraged by the most successful start-ups, innovators, investors, and service companies that compete in medtech. LSI is the organizer of The Emerging Medtech Summit held annually in Southern California.

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