Supira Medical, A Shifamed Portfolio Company, Closes $35M In Series B Financing
Company Appoints Seasoned Medtech Executive as President and CEO
CAMPBELL, California, March 5, 2020 /PRNewswire/ -- Supira Medical, formed by Shifamed as part of its medical innovation hub, announced today the closing of $35M in Series B financing. Officially closed on February 25, the financing was led by Cormorant Asset Management with participation from The Capital Partnership (TCP), 415 CAPITAL, AMED Ventures and Shifamed Angels. The funds will be used to advance product development and clinical efforts for the company's next generation percutaneous ventricular assist device (pVAD). Additionally, the company announced the appointment of seasoned medical device executive, Dr. Nitin Salunke, as President and Chief Executive Officer.
"Supira's innovative approach could potentially provide a meaningful clinical solution for patients requiring temporary mechanical support during coronary interventions," stated Bihua Chen, Founder and Managing Member of Cormorant Asset Management. "Despite advances in PCI, a large unmet need exists for high-risk patients and we are excited to lead and further invest in Supira Medical."
Percutaneous ventricular assist devices (pVADs) are used during stent placement or angioplasty to provide temporary mechanical support for patients with severe coronary artery disease or comorbidities. Additionally, pVADs are used to treat patients suffering from cardiogenic shock (CS), a condition that can occur following a severe heart attack, and is associated with a high rate of morbidity as a patient's heart is suddenly too weak to adequately pump blood to vital organs.
"Temporary mechanical support provides many patients with the option to undergo coronary interventions that their heart would otherwise not be healthy enough to endure," stated Nitin Salunke. "I am pleased to join the Supira team as we advance pVAD technology with a low-profile, high-flow solution that aims to improve outcomes for these high-risk patients."
Nitin brings over two decades of medical device development and leadership experience to Supira Medical. Previously, he served as Vice President of Research and Development for Medtronic's Neurovascular business and a member of its management board. In this role, Nitin was responsible for the strategic growth through new product development for the global business, which included therapies for treating ischemic and hemorrhagic strokes. Prior to Medtronic, Nitin served as the Vice President of Research and Development at Altura Medical (acquired by Lombard Medical), as well as Director of Research and Development Engineering at Cordis Corp, a Johnson and Johnson company (acquired by Cardinal Health). Early in his career, Nitin was with W.L. Gore & Associates, holding roles of increasing responsibility within new product development, engineering operations and marketing. Nitin is an inventor / co-author on several patents and publications. Nitin holds a PhD in Mechanical Engineering, with research focus in Cardiovascular Biomechanics, from the University of Maryland Baltimore County. Additionally, he holds an MS from the University of Oklahoma and an Executive MBA from San Jose State University.
"I am delighted to have Nitin join and lead Supira at this important time. His strong medical device experience and leadership skills make him an ideal fit to spearhead the company towards its first clinical milestone," commented Amr Salahieh, Founder of Shifamed and Chairman of Supira Medical. "The closing of this significant financing round speaks to the large, unmet need Supira's technology will address."
About Supira Medical, Inc.
Supira Medical, a privately held portfolio company of Shifamed, is focused on development of a next generation percutaneous ventricular assist device (pVAD) for use in high-risk patients undergoing interventional procedures. To learn more about Supira Medical, please visit www.supiramedical.com.
About Shifamed, LLC
Founded by serial entrepreneur Amr Salahieh, Shifamed is a highly specialized medical innovation hub focused on developing solutions that accelerate time to market, reduce risk, increase impact, and forge a path toward a world where patients are able to lead longer, healthier lives. To learn more about Shifamed, please visit www.shifamed.com.
MEDIA CONTACT:
Katie Arnold
SPRIG Consulting LLC
(408) 805-0520
katie@sprigconsulting.com
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