CAMBRIDGE, Mass.--(BUSINESS WIRE)--OmniGuide Inc., a Cambridge, Massachusetts medical device company specializing in advanced energy surgical products, announced the closing of a $35 million non-dilutive financing with an affiliate of OrbiMed Advisors LLC. The financing structure allows OmniGuide significant flexibility for the next several years as the Company grows its business and advances toward profitability. OmniGuide is leveraging the benefits of CO2 laser, known to be one of the safest, most effective, and most precise surgical cutting modalities available to improve minimally invasive surgical outcomes.
"This financing allows us to accelerate the commercialization of our advanced energy surgical products for the operating room," commented Scott Flora, OmniGuide’s President and Chief Executive Officer. "We are excited to have a high quality investor with substantial experience in healthcare make a major funding commitment to our company. We look forward to benefiting from the collective experience the OrbiMed team will bring to OmniGuide."
"We are very pleased to partner with OmniGuide and offer a non-dilutive capital solution to help the company deliver advanced energy solutions in a surgical setting," said Tadd Wessel, a Managing Director on the Royalty Opportunities team. "OmniGuide has made substantial progress with the commercialization of their products in ENT and we look forward to working with Scott and his team to help the company achieve its full potential," added Matthew Rizzo, also a Managing Director on the Royalty Opportunities team.
About OrbiMed Advisors LLC. OrbiMed is the world’s largest healthcare-dedicated investment firm by net assets under management. With approximately $6 billion under management, OrbiMed invests across the entire spectrum of pharmaceutical, biotechnology and medical device companies on a worldwide basis. Investments are made through private equity funds, public equity funds, royalty funds and other investment vehicles.
Since inception of its private investment activities in 1993, OrbiMed has invested in over 140 companies across a wide range of therapeutic categories and stages of development. OrbiMed’s investment team includes over 60 experienced professionals based in New York City, San Francisco, Shanghai, Mumbai and Herzliya. OrbiMed seeks to be a capital provider of choice, bringing the global resources required to be an exceptional long term partner for building world-class healthcare companies. www.OrbiMed.com.
About OmniGuide. OmniGuide is committed to developing advanced energy surgical instruments that enhance precision, improve access and provide increased control in the field of minimally invasive surgery. Since its initial launch, the BeamPath® flexible laser system for minimally invasive surgery has been used in over 40,000 adult and pediatric surgical procedures in the fields of Gynecology, ENT and Neurosurgery.
OmniGuide designs and manufactures its fiber products in Cambridge, Massachusetts based on proprietary technology invented at MIT and originally published in Science and Nature. The Company couples its novel advanced energy delivery system with a line of fiber-enabled CO2 lasers for use in the operating room. The Company distributes its products in the U.S. through a direct sales force and in Europe through distribution partners.
For more information please visit http://www.omni-guide.com.