Centerline Biomedical Raises $10M Investment to Bolster Key Talent Needs

By StartUp City | Friday, March 13, 2020

Centerline Biomedical (Centerline) has announced updates on its IOPS platform technology designed to improve patient and caregiver safety, shorten procedure time, limit harmful radiation and contrast dye, and overall cut down on healthcare systems costs while improving access to care

FREMONT, CA: Centerline Biomedical, a Cleveland Clinic spinout company, closed a funding of $10 million. It has also announced updates on its IOPS platform technology designed to improve patient and caregiver safety, shorten procedure time, limit harmful radiation and contrast dye, and overall cut down on healthcare systems costs while improving access to care.

The company has secured $10 million in funding in its first senior security offering in 2019, which will support key talent needs and enable commercialization. Limited launch commercialization is to begin in the second quarter of 2020, with full launch starting in the second half of the year. Early indications from voice-of-customer feedback are that the technology fills the need of a critical patient, physician, and healthcare provider, which is backed by the number of evaluations in process.

Centerline is actively hiring key talent across the organization to maintain this momentum. Recently-appointed as the Head of R&D, Sreenivasan "Sreeni" Narayanan brings 25 plus years of experience in medical technology startups as well as multinationals, most notably in leadership roles at Siemens Healthineers where he served as Senior Director of R&D Strategy in the Advanced Therapy division.

Centerline CEO Philip D. Rackliffe said, "The closing of this financing round plus recruiting for these leadership roles bodes well for our organization and launch efforts. Adding best-in-class talent to a game-changing technology is the perfect mix for growing an emerging technology company with the goal of lowering healthcare costs while improving patient and healthcare safety."

Centerline was also recently informed that their scientific submission for the Vascular Annual Meeting (VAM) was accepted. Cleveland Clinic vascular surgeon Dr. Behzad Farivar is expected to present on Centerline research he conducted in a talk titled "3D Holographic Guidance, Navigation and Control (3D-GNC) for Endograft Positioning in Porcine Aorta: Feasibility Comparison with 2D X-ray Fluoroscopy" at this leading vascular surgery conference. The research to have been funded through a small business grant from the NIH, demonstrated IOPS platform's potential in an animal model, showing significant advantages and advanced capabilities.

Vikash Goel, CTO, Centerline said, "We started Centerline with the goal of improving almost every aspect of minimally-invasive cardiovascular care. For five years our key clinician partners have provided immense support and have eagerly awaited this year's clinical launch. We could not be more excited to prove out our revolutionary technology."

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