Tuesday, October 28, 2008

Salient snags $17.9M in sixth funding round

By Mass High Tech Staff

Medical device firm Salient Surgical Technologies Inc., which withdrew its registration for an initial public offering two months ago, has completed a $17.9 million Series F financing round. The investment came from Piper Jaffray, Medtronic Inc., Arnerich Massena & Associates and RiverVest Venture Partners.

The funding will help support Salient’s marketing and sales efforts, as well as its working capital, Salient officials said. It will also support development of the company’s Transcollation tissue treatment technology for surgeons.

In August, Dover, N.H.-based Salient announced its withdrawal of registration for an initial public offering, originally 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. Salient announced its original IPO offer filing in March on the same day that it changed its name from Tissuelink Medical Inc.

In July 2007, the privately held company closed a $20 million Series E round of venture capital.