PETOSKEY, Mich.– BioStar Capital, a strategic venture capital firm focusing on transformative medical technologies primarily in the fields of cardiovascular disease, orthopedics, and robotics, has announced it has closed its fifth fund at $130.3 million, more than its three previous funds combined.
Led by founder Louis Cannon, M.D., a leading cardiovascular physician, innovator, and educator, as well as Alan Davis, M.D., orthopedic surgeon, now Emeritus Staff at The Cleveland Clinic, BioStar Capital’s Fund V portfolio includes some of today’s most innovative medical device companies: Amplitude Vascular Systems (AVS), developing a groundbreaking intravascular lithotripsy device for treating heavily calcified arteries; Medical Microinstruments (MMI), which has successfully commercialized its revolutionary robotic device that represents the only robot that permits doctors to operate at microsurgical levels for precision reconstruction of small blood vessels, nerves and lymphatics using the world’s smallest wristed surgical instruments; REVA Medical, which has developed the MOTIV Bioresorbable Scaffold that is designed to treat below-the-knee peripheral artery disease and is the first bioresorbable scaffold to obtain CE Mark approval for treating this disease; and Versa Vascular, currently developing a non-tissue, non-mechanical, catheter-delivered implant for treating tricuspid valve regurgitation. BioStar expects to invest in 8-10 additional companies over the next five years. “We have been encouraged by the level of optimism from investors in support of our differentiated strategy, which identifies transformative medical devices that solve unmet clinical needs and advance the healthcare frontier forward, as evidenced by our investments to date,” said Alan Davis, M.D., Managing Director, BioStar Capital.
In a time of declining investments in venture capital, BioStar’s closing overcame current environmental challenges, demonstrating investor confidence in the firm’s unique model leveraging physician, as well as financial and operational expertise in today’s dynamic healthcare environment. While other venture capital firms are shifting their focus to areas such as cardiovascular medical devices, few have the decades of experience and clinical expertise that BioStar offers through its team of Medical Venture Partners (“MVPs”) and network of physician investors. In addition to a commitment to financial returns, BioStar’s mission is to improve patient outcomes in the areas of greatest medical need resulting in a positive impact on healthcare throughout the world.
