NASHVILLE, TN – Pathfinder Therapeutics Inc., a medical device company focused on the development of “surgical GPS” systems for the abdomen, has closed on a $5.2 million Series A financing round led by Hatteras Venture Partners of Research Triangle Park, NC.
Other investors included Florida Gulfshore Capital, Clayton & Associates, Nashville Capital Network, Lumira, and Vanderbilt University.
Concurrent with the financing, Clay Thorp and Bob Morff, PhD, from Hatteras Venture Partners and Richard Molloy from Florida Gulfshore Capital have joined the Board of Pathfinder, and Bob will serve as interim CEO.
Pathfinder improves surgical precision by allowing surgeons to “see through” the organ they are operating on by registering the surgical instrument in three-dimensional space onto pre-operative patient medical images.
The company has received FDA 501(k) clearance for its first two products.
“After speaking with dozens of surgeons and thought leaders around the world, we are confident that Pathfinder will fill a critical void for modernizing surgical precision in the exploding field of robotic and image guided surgery,” said Clay B. Thorp, General Partner, Hatteras Venture Partners.
The company says the new capital will finance the launch of PlaniSight Linasys and SurgiSight Linasys, medical devices focused on the planning and intra-operative navigation of liver surgery.
SurgiSight Linasys, an integrated system of hardware, software, and proprietary tracked tools, received FDA 510(k) clearance in December 2007.
PlaniSight Linasys, a software system for pre-operative planning for liver surgery, received FDA 510(k) clearance in September 2008.
The company is currently conducting a post-clearance clinical trial for Linasys, funded by a SBIR grant from the National Cancer Institute.
“This investment allows the translation of our research and development from the laboratory to the hospital and now to the marketplace where it can help the maximum number of patients,” said Robert Galloway PhD, co-founder and Professor of Biomedical Engineering at Vanderbilt University.
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