BioStable Closes $5.5MM Series A Financing
December 15, 2008
AUSTIN, Texas—December 15, 2008—BioStable Science & Engineering, Inc., a medical device company developing innovative cardiovascular implants, today announced its first round of venture capital funding. The $5.5 million in Series A equity financing was provided by Santé Ventures.
BioStable was founded earlier this year by five members of CarboMedics’ senior management team, including former President, Charles Griffin, former VP Research and Development, Rusty Phillips, former VP Engineering, Al Beavan, former VP Quality Assurance, Doug Frank and former Senior Director Operations, Don James. Austin-based CarboMedics was a leading developer, manufacturer and distributor of products to treat valvular heart disease until it was acquired in 2003 by the Sorin Group. The BioStable management team collectively has over 100 years of experience in the implantable medical device industry, and has been working together for more than 20 years.
In August, Santé Ventures provided BioStable with $250,000 in seed financing and incubation space in preparation for the Series A round supporting the launch of its product development program. Joe Cunningham, MD, one of the firm’s Managing Directors, will serve on BioStable’s board of directors.
About BioStable Science & Engineering, Inc.
BioStable is developing innovative new products for the treatment of cardiovascular disease. The Austin-based company was founded in 2008 by a team of career medical device executives, and is funded by Santé Ventures. For more information, please visit www.biostable-s-e.com
About Santé Ventures
Santé Ventures is a specialized venture capital firm that invests exclusively in early-stage companies developing innovative new medical technologies or healthcare delivery models. The firm was founded in 2006 and has $132 million in capital under management in its debut fund. For more information, please visit www.santeventures.com