Endovascular navigation startup receives economic development funding
We are proud to announce that, on March 29th, 2017, Centerline Biomedical, Inc. was approved by the Ohio Third Frontier Commission for a $1.26M Commercial Acceleration Loan Fund (CALF), under the Ohio Third Frontier Program, managed by the State of Ohio’s Development Services Agency (DSA).
As published in the recent Crain’s Cleveland Business article, the loan is part of $1.7M in funding slated for Northeast Ohio, and part of $10M in tech-related funding across the entire state of Ohio as part of the program. The Ohio DSA also published a release that details our ‘Commercial Acceleration Award’. The loan comes after a $4.2M Series-A round, closed by Centerline earlier this year. Currently, Centerline has raised $9.4M since beginning operations in November 2014.
As we continue our efforts to reach our funding goal, we can’t help but think of the possibilities of the IOPS device. We’re inching closer and closer to market entry, which will not only enable easier and more effective aortic interventions, but will make them safer for the surgeon and for the patient.
In the long-term, we want to extend this technology’s reach to other parts of the body. Minimally-invasive surgery is a hot topic in the medical industry right now, and that’s unlikely to change. We strive to be at the leading edge of this trend and to expand to other vascular procedures so that we can help provide patients and caregivers the best possible quality of life.
We would like to thank everyone involved in this process, including the formal presentation of our project to the Loan Commission. We are particularly excited about receiving this loan as it was a very competitive process. The presentation made by the State of Ohio’s DSA can be found here, with Centerline’s segment on page 9.
We are proud to be featured along with other tech-related companies, and are happy to contribute to, and be a part of, the dynamic life science sector in Northeast Ohio, the Health-Tech Corridor, as well as across the entire state.