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Cardiothoracic Systems, Inc. (founded in 1994) pioneered
the field of minimally invasive cardiac surgery, with the development
of a revolutionary system that permits heart surgery to be performed
while the heart is still beating. The company was acquired for nearly
$250 million by Guidant Corporation in 1998 and is now a division
of Guidant with $50 million in annual revenue. Mr. Lasersohn conceived
the idea for the company, led the founding round and was a member
of the Board of Directors.
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Cardiovascular Imaging Systems, Inc. (founded in 1988) developed
the first intravascular ultrasound catheter that enabled cardiologists
to image the interior of a coronary artery during procedures such
as balloon angioplasty and stenting. Vertical Group participated
in the early stage venture rounds of the company and was represented
by Mr. Lasersohn on the Board of Directors until the sale of the
company for over $100 million to Boston Scientific Corporation in
1994.
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| Ensure Medical (founded in 2002) developed a proprietary
technology for the closure of femoral artery incisions based on a
biodegradable closure device and a unique delivery system. Ensure
was acquired by Johnson & Johnson in 2006. The Vertical Group
was founding investor in Ensure Medical and Yue-Teh Jang served as
the company’s CEO. |
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E.P. Technologies, Inc. pioneered the catheter-based treatment
of cardiac arrhythmia and was the first company to receive FDA approval
for a cardiac arrhythmia ablation system in 1994. Its technology
has revolutionized the treatment of these debilitating and potentially
life threatening arrhythmia and is now used to treat over 100,000
patients per year. The Vertical Group led the second round financing
for the company and was represented on the Board of Directors by
Mr. Lasersohn. E.P. Technologies was acquired by Boston Scientific
Corporation for approximately $200 million in 1995.
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Integrated Vascular Systems designed and developed innovative
catheter-based, nitinol "clip" technology for tissue apposition.
Following an initial clinical evaluation of it STARCLOSE system
for the closure of femoral artery incisions, Abbott Laboratories
acquired IVS in July, 2003 for over $100 million in initial and
future consideration. In December 2005, Abbott received FDA approval
for the STARCLOSE system. Jack W. Lasersohn and Yue-Teh Jang were
members of the IVS Board of Directors prior to its acquisition by
Abbott Laboratories and Mr. Jang also served as its CEO.
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Kyphon Corporation was a pioneer developer of technology
to facilitate the minimally invasive reduction and repair of compression
bone fractures (i.e. fractures involving crushed or collapsed bone.
Spinal surgeons utilize the KyphX system to treat vertebral
body compression fractures, a common osteoporosis-related injury
suffered by the elderly. Kyphon was acquired in 2007 by Medtronic
in a transaction valued at $3.9 billion.
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OsteoBiologics Inc. developed proprietary and patented bioabsorbable
polymer materials utilized for the repair and replacement of injured
bone, cartilage, and other skeletal tissues. During 2003 OBI received
its first FDA marketing clearances. In July, 2006 OBI was acquired
by Smith & Nephew for approximately $75 million. Richard B.
Emmitt served on the OBI Board of Directors.
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SciMed Life Systems was one of the pioneers in the development
of products used in the procedure called PTCA or balloon angioplasty
which treats blocked coronary arteries. The predecessors of the
Vertical Group led the early financings of the company and were
its principal shareholders. The Vertical Group was represented on
its Board of Directors by Richard Emmitt. SciMed was acquired by
Boston Scientific Corporation in 1995 in a transaction pursuant
to which the Shareholders of SciMed acquired approximately one third
of the stock of combined companies. At the time of the closing the
transaction had a value of approximately $1.0 billion.
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Spinecore, Inc. was a pioneer in the field of implantable
artificial discs for the treatment of degenerative spine disc disease.
The company's FLEXICORE artificial disc is a "metal-on-metal"
design that is distinguished from other devices based on its insertion
ease and flexibility; physiologic range of motion; and reduced risk
of dislocation and injury to adjacent spine anatomy. In 2004 Spinecore
was acquired by Stryker Corporation for initial ($120 million) and
future milestone-based ($240 million) payments of up to $360 million.
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Support Systems International developed the Clinitron Bed
in the early 1980’s and then successfully marketed it as a fully
integrated prescription therapy for the treatment of hospitalized
patients with serious illnesses such as burns, severe orthopedic
trauma or other conditions requiring extended rest, and the attendant
risk of development of decubitus ulcers. The Clinitron Bed provides
an air fluidized resting surface that lowers infection risks and
distributes weight over a patient’s entire body area. Patrick Paul
was founder, CEO and chairman of SSI, and the predecessors of The
Vertical Group financed the Company at all stages until its sale
for over $450 million to Hillenbrand Industries in 1986.
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| Wright Medical Group is an orthopedic company with
a broad product line including leading positions in extremity joint
prosthesesand biologic and synthetic bone graft materials. The Vertical
Group was a participant in both the recapitalization and acquisition
financings that formed Wright Medical Group. Richard B. Emmitt served
on Wright’s Board of Directors from 1999 to 2006. |
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Xomed Surgical Products is the largest provider of advanced
surgical products focused on the ENT markets. Vertical was an early
stage investor in Merocel, the predecessor company to Xomed. In
1994, the Xomed division of Bristol Meyers-Squibb was acquired in
a transaction financed by The Vertical Group and Warburg Pincus.
Richard Emmitt was a member of the Board of Xomed from 1995 until
its sale to Medtronic for approximately $800 million in 1999.
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