Wednesday, August 27, 2008

Salient Surgical Tech withdraws $86M IPO

By Mass High Tech Staff

Medical device company Salient Surgical Technologies Inc., formerly known as Tissuelink Medical Inc., has withdrawn its registration for an initial public offering, intended to raise about $86 million, according to a filing with the U.S. Securities and Exchange Commission. The filing cites market conditions as the reason for the withdrawal.

The Dover, N.H.-based company, which makes devices to control bleeding during surgeries, announced its original IPO offer filing in March on the same day that it changed its name from Tissuelink. According to Salient officials at the time, Bear, Stearns & Co. Inc. and Piper Jaffray & Co. were the joint book-running managers and Wachovia Capital Markets LLC was co-manager for the proposed offering.

In July 2007, the privately held company closed a $20 million Series E round of venture capital. Since 1999, the company has hit total funding of about $90 million, with current shareholders including Americh Massena & Associates, QuestMark Advisors, Medtronic, RiverVest Venture Partners, Vanguard Ventures and Crescendo Ventures.

Salient was co-founded as TissueLink in 1999 by then president and CEO M. Jacqueline Eastwood, who was named as a Mass High Tech All Star in 2003.