Minimally Invasive Devices Adds $2.5M to its Series B

Minimally Invasive Devices Inc. (MID) raised an additional $2.5 million from Radius Ventures, topping off its Series B financing at $11.5 million. The Series B originally raised $9 million in a financing led by Canaan Partners with participation by existing investor, Charter Life Sciences. 

FloShield, MID's flagship laparoscopic vision system is the first and only product that actually maintains a clear field of vision from beginning-to-end in laparoscopic surgery procedures. FloShield technology easily attaches to modern HD vision systems, enabling surgery to occur without interruption, loss of vision, or the need to remove the scope for cleaning. Such removals are time consuming, interfere with the focus of the operative team, and frequently occur during critical points in surgery when optimal vision is critical, leading to surgeon frustration.

"Currently, surgeons will lose vision and need to stop surgery to clean the lens externally as often as ten times per hour," says Wayne Poll, MD, founder and CEO of MID. "We believe that surgeons will appreciate and value the benefits of a consistently clear view and will come to expect this as a standard, without nostalgia for the days they needed to clean the lens constantly when vision was lost."

FloShield produces an air vortex to form an invisible protective barrier over the lens, preventing debris and fogging. This system is augmented by the Flo-X lens wash, a biocompatible surfactant that will flush the lens inside the body if needed. Generation III FloShield is now launching, which improves further upon the system's in situ flush capabilities. 

Funds will be used for sales and marketing, clinical studies, the generation of outcomes data, and additional product development. 

Jordan Davis, managing partner of Radius Ventures comments, "FloShield has hit a bullseye in delivering on the number one need of all laparoscopic surgeons – that is, avoiding loss of vision due to debris and fogging of the lens, particularly during long, complex procedures. No other technology to date has been able to achieve a continual, clear field of vision throughout such procedures, enabling surgeons to remain in control, maximizing operating room efficiency and potentially safety."