By Lisa Kerner
Charlotte, N.C., Aug. 24 - Safeguard Scientifics, Inc. said it provided $20 million of growth capital to Rubicor Medical, Inc., leading a $30 million found of series C financing.
ITX International Equity Corp. provided an additional $5 million.
Rubicor chairman and chief executive officer James W. Vetter and other founding shareholders are expected to provide the balance of the funding.
Ovation is Rubicor's minimally invasive breast biopsy device used as an alternative to existing breast biopsy devices. The company has two additional Food and Drug Administration-approved breast biopsy devices scheduled to launch soon.
"Ovation's innovative concept and design enables minimally invasive retrieval of a complete, contiguous tissue sample - making Ovation an attractive alternative to open surgical biopsy," Safeguard vice president James A. Datin said in a company news release.
"We estimate the market in which Rubicor competes could be in excess of $500 million today in the United States."
Safeguard has already partnered with life science companies Clarient, Inc. and Laureate Pharma. In addition, Safeguard has interests in Neuronyx, Inc. and Ventaira Pharmaceuticals, Inc.
Rubicor is a medical device company located in Redwood City, Calif.
Safeguard is a Wayne, Pa., technology incubator.
| Issuer: | Rubicor Medical Inc.
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| Issue: | Series C financing
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| Amount: | $30 million
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| Investors: | Safeguard Scientifics Inc. (for $20 million); ITX International Equity Corp. (for $5 million); other investors
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| Announcement date: | Aug. 24
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