BioStable Lands $5.5M Series A

BioStable Science & Engineering, a medical device company developing innovative cardiovascular implants, today announced its first round of venture capital funding. The $5.5 million in Series A equity financing was provided by Santé Ventures.

BioStable was founded earlier this year by five members of CarboMedics’ senior management team, including former President, Charles Griffin, former VP Research and Development, Rusty Phillips, former VP Engineering, Al Beavan, former VP Quality Assurance, Doug Frank and former Senior Director Operations, Don James. Austin-based CarboMedics was a leading developer, manufacturer and distributor of products to treat valvular heart disease until it was acquired in 2003 by the Sorin Group. The BioStable management team collectively has over 100 years of experience in the implantable medical device industry, and has been working together for more than 20 years.

In August, Santé Ventures provided BioStable with $250,000 in seed financing and incubation space in preparation for the Series A round supporting the launch of its product development program. Joe Cunningham, MD, one of the firm’s Managing Directors, will serve on BioStable’s board of directors.

Posted by Bryan Menell http://austinstartup.com Bryan is the founder and Editorial Director of AustinStartup.com, which launched in 2005. He is currently the Director of the Collaboratory at venture-funded Dachis Group. Bryan advises a handful of early stage companies and is a Managing Director of Capital Factory. To read more posts click here.