PHILADELPHIA–(BUSINESS WIRE)–Vitara Biomedical, a privately held company developing breakthrough technology intended to transform neonatal care, today announced the closing of a $50M funding round. The company’s technology was initially developed at Children’s Hospital of Philadelphia (CHOP), one of the leading centers in the world for clinical and scientific innovation in neonatology. Sands Capital led the Series B financing with participation from Google Ventures (GV), First Spark Ventures, Flerie and Khosla Ventures. The funding will be used to further advance the company’s efforts leading to a first in human clinical study of their technology.
The company also announced the appointment of Kim Rodriguez, an experienced global healthcare and medical device industry professional, as Chief Executive Officer. She has 25 years of experience, spanning multiple therapeutic areas, including neurology, cardiology, and women’s health, most recently as CEO of BrainCheck, a digital health company supporting early identification of dementia and Alzheimer’s disease. Prior to BrainCheck, Ms. Rodriguez was a Venture Partner at S3 Ventures, where she supported the firm’s healthcare investments. Previously she served as CEO & Co-Founder of Acessa Health (acquired By Hologic), CEO at Halt Medical, led the largest business unit at Spectranetics (acquired by Royal Philips) and Johnson & Johnson. She also held senior leadership positions Blockade Medical, Concentric Medical, Guidant Corporation, and Microvena/ev3 prior to each company’s acquisition by major medical device companies. Ms. Rodriguez received her Executive MBA from the University of Southern California Marshall School of Business and bachelor’s degree in management from Pepperdine University.
“I am delighted to be working with Kim again to develop an innovative healthcare technology that has the potential to change clinical practice for the treatment of extremely premature infants,” said Ian W. Ratcliffe, Executive Managing Director of Sands Capital and Vitara Board Director.
“It is a great privilege to join the Vitara team and to have the opportunity to work alongside the talented and passionate professionals who are developing technology I believe has the potential to save and improve lives of a vulnerable population in dire need of innovation,” said Ms. Rodriguez. “The strong backing of our investors, and the invaluable resources they bring, are essential to achieving the key milestones in the ongoing evolution of our groundbreaking neonatal technology.”
Approximately 15 million babies are born preterm annually worldwide, indicating a global preterm birth rate of about 11%. This results in an estimated cost of $26 billion in economic burden in the United States alone. Extreme prematurity remains a major cause of neonatal mortality and severe long-term morbidity. Current neonatal care is associated with significant morbidity due to iatrogenic injury and developmental immaturity of extreme premature infants.
“As one of the most active investors in women’s health, GV has had the privilege of supporting companies going after ambitious, complex problems in healthcare with the potential to revolutionize the current standard of care,” said GV Executive Venture Partner and Vitara Board Observer Cathy Friedman. “Vitara stands out with its innovative approach to neonatal intensive care delivery, built on a decade of foundational research. The Board is confident in Kim Rodriguez’s vision to lead Vitara through the next stage of development, and we’re excited about the potential to drive a transformative shift for newborns and families.”
About Vitara Biomedical
Vitara Biomedical has a vision to offer preterm newborns and their families a lifetime of possibilities. The company is developing a special life support system designed to improve outcomes for babies born prematurely. The Vitara System creates a fluid environment that mimics what a baby experiences in the mother’s womb and is designed to help support healthy growth and development of organs for babies born prematurely. Studies to date with fetal lambs have demonstrated that both mid-and late term gestation can be supported in the system for 10 to 28 days without harm with continued development of organ systems. The company is pursuing a first in human clinical study of the Vitara System.
For more information, visit www.vitara.com
