West Palm Beach Florida – Stanmore Medical Investments (“SMI”) is pleased to announce it closed a transaction today in which Medvest Fund One invested $1.1 million for newly issued common membership units from Safewire LLC. The deal is the first transaction closed by SMI on behalf of the current Medvest Fund. It is consistent with the Fund’s allocation strategy among medical device operating companies and other healthcare related early stage ventures.
Safewire LLC is headquartered in Cooper City, Florida (www.safe-wire.com). The Company’s purpose is to improve outcomes by creating instrument systems specifically designed to facilitate minimally invasive surgical procedures. The Company currently sells a guide wire product called Y-Wire designed to reduce inadvertent advancement and to decrease the amount of fluoroscopy during surgical procedures. Additionally, Safewire sells a Jamshidi needle product designed to provide surgeons with improved depth control within the vertebral body by offering a mechanically controlled tip. This needle, known as Tiger Needle, also integrates a technology designed to complement placement of Y-Wire.
Medvest General Partner David Cash stated, “We are very excited to participate in Safewire’s growth. The Company’s products are elegantly simple and provide a solution for surgeons frustrated by the lack of instruments specifically designed for the constraints of MIS surgery. While we like the Company’s products, we love the management team due to their deep commitment to the industry and their intense focus on achieving growth.”
Proceeds from the transaction will be used to launch the Tiger Needle product line extensions, bolster the Safewire Sales Team and finance working capital. Tiger Needle 2.0 is expected to launch later this year.
Medvest Fund One is an $8.0 million private equity fund targeting medical device and technology companies who are positioned for growth and share the Fund’s core values. The Fund is accepting subscriptions. For more information contact David Cash at (561) 459-3333 or firstname.lastname@example.org