Monday, September 22, 2008

Soteira socks away $12M in second funding round

By Mass High Tech Staff

Medical device firm Soteira Inc. closed on a $12 million Series B round of financing, according to regulatory filings. The round was backed by Delphi Ventures of Menlo Park, Calif., HLM Venture Partners, Federated Kaufman Fund, Partech International, and Prism VentureWorks.

John Corcoran, managing partner at the Waltham-based consulting firm Trinity Partners LLC, is a co-founder of the company and member of the board of director, according to Trinity Partners’ website. Soteira develops and sells products for degenerative spine diseases using stent technology and focuses on vertebral fractures caused by osteoporosis, cancer and injuries.

Soteira was founded in 2004 and employs management who previously held senior management positions at Boston Scientific Corp. and Johnson & Johnson Corp. Lawrence Jasinski is the Natick-based firm’s president and chief executive officer.

Soteira has no official website and has not released any prior statements. But in 2005, Fairfield, Conn.-based Competitive Technologies Inc. (AMEX: CTT) granted Soteira exclusive license to CTT’s nanotechnology-based bone biomaterial for applications related to the spine, according to CTT.