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With Eye Toward Growth in Medical Industry, Cardiorobotics Closes on $5M - CBL
By Citybizlist Staff
MIDDLETOWN, R.I. -- According to a Reg D filing with the U.S. Securities and Exchange Commission, Cardiorobotics Inc. has completed its $5 million equity offering.
Founded in 2005, the Middletown, R.I.-based company develops advanced robotic technology for use in applications including industrial, military and law enforcement. Within the medical field, Cardiorobotics plans to serve specialist areas including minimally invasive cardiac surgery, electrophysiology, laparoscopy, colonoscopy and arthroscopy.
Principals named in the filing are President and CEO Samuel Straface, Vice President of Product Development Kevin Gilmartin, CFO Richard Buckingham, David Wagner, who is executive chairman and founding CEO, co-founder and CTO Howard Choset, executive officer David Smith and directors James Jordan, Robert Beck, John Petersen, Richard Petersen and Thomas Dugan.
Cardiorobotics will pay a sales commission of $194,400 to Melvin Pirchesky of Trustmont Financial Group Inc. in Greensburg, Pa.
Reg D filing: http://tinyurl.com/ybll9s3
Also at Citybizlist, see:
Cardiorobotics Closes $11.6M Series A Financing
Bios from Cardiorobotics' Web site:
President & CEO: Samuel F. Straface
Dr. Straface joined Cardiorobotics in 2009 after serving as an Executive-in-Residence at Pittsburgh Life Sciences Greenhouse, an incubator in Pittsburgh Pennsylvania, where he led a portfolio of life sciences companies with business formation, development and financing in biotech, healthcare IT and medical devices. Previously, he was the founding President and Chief Executive Officer of Triton BioSystems, Inc. (now Aduro BioTech, Inc.), a targeted nanobiotechnology company developing low side effect highly selective therapies for advanced cancers such as head and neck, breast and prostate cancers. He directed the company's R&D as well as its financial, legal and business affairs, investor relations, and strategic direction and orchestrated several partnerships with biotech and biomaterials manufacturers.
Dr. Straface has 20 years experience in global sales, marketing, business development, venture financing and general management at several companies, including Boston Scientific Corporation (NYSE: BSX), and Johnson & Johnson (NYSE: JNJ). He began his career as a Scientific Officer, researching the neurophysiology of the retina and methods for early diagnosis of neuronal disease. He holds a Ph.D. in neurophysiology from the University of Western Australia and has published articles in his previous field of research.
Vice President Product Development: Kevin P. Gilmartin
Kevin Gilmartin is a proven technical leader with more than fifteen years with large-cap and venture-backed companies in the medical device industry. He has extensive knowledge in navigating FDA regulatory paths leading multiple medical device projects for Ablation Frontiers, Boston Scientific, BioSphere Medical, and Micro Therapeutics. Mr. Gilmartin integrates 'hands-on' experience in multiple single-patient-use (disposable) premium device projects. He holds a BS in Mechanical Engineering and an MBA from Northeastern University in Massachusetts.
CFO, Director: Richard (Dick) L. Buckingham
Mr. Buckingham is a seasoned financial executive with more than 20 years of financial, operations, treasury, and administrative management experience gained in the high-technology, Internet, services, manufacturing and consumer product industries. He has spent his professional career as a change manager, working in high growth and turnaround situations. Following a successful career with Fortune 500 companies, Mr. Buckingham served as CFO of Family Education Network (FEN), the Internet's largest and most robust family of websites serving the K-12 education market. At FEN, he was instrumental in the sale of the business for $175 million to Pearson plc. Mr. Buckingham served as Vice President of Financial Services and Treasurer at Wang Global where he was the third outside professional hired to develop and execute a turnaround plan for the company. Also, he held senior management positions at Manufacturers Services, Prime Computer, Computervision, Wheelabrator Frye and General Mills. Mr. Buckingham holds an undergraduate degree in economics from Wabash College and an MBA from the Harvard Business School.
Executive Chairman: David W. Wagner (Founding CEO)
David Wagner has more than twenty years of management experience and has served as a member of the board of directors for more than two dozen companies. As an industry executive, and as a consultant to many of the world's leading medical device companies, Mr. Wagner has successfully managed dozens of product development projects and product launches contributing to the generation of billions of dollars in new product revenue. Previously, he served as Chairman, CEO and Founder of Nova Group, a strategy consulting firm serving the life sciences industry. Mr. Wagner developed company revenues to several million dollars within two years and then managed a successful sale of the business after five years. Previously, he served as Corporate Vice President of Strategic Marketing at Boston Scientific Corporation (NYSE:BSX).
Mr. Wagner has a successful record of P&L management including: Chairman & CEO of Nova Group; President, Dryvit Systems International, now a division of RPM (NYSE:RPM); and President & CEO of LDR Corporation, a technology start-up. While working in the private equity industry with NCI Partners, he completed venture capital and buyout transactions in excess of $400 million. David holds an undergraduate degree from Trinity College and an MBA from The Tuck School of Business at Dartmouth College.
CTO & Co-Founder: Howie Choset
Howie Choset is an Associate Professor of Robotics at Carnegie Mellon University where he conducts research in motion planning and design of serpentine mechanisms, coverage path planning for de-mining and painting, mobile robot sensor based exploration of unknown spaces, and education with robotics. In 1997, the National Science Foundation awarded Choset its Career Award to develop motion-planning strategies for arbitrarily shaped objects. In 1999, the Office of Naval Research started supporting Choset through its Young Investigator Program to develop strategies to search for land and sea mines. Recently, the MIT Technology Review elected Choset as one of its top 100 innovators in the world under 35.
Posted Jan 19, 2010
