SV Life Sciences acquires majority interest in Ximedica

PROVIDENCE – Venture capital firm SV Life Sciences has acquired a majority interest in Ximedica from co-founders Stephen Lane and Aidan Petrie.
Terms of the transaction were not disclosed.
Ximedica, in a news release, said the company will keep its Providence headquarters, and that president and CEO Randall S. Barko and the current management team will remain in place. Petrie also will continue as chief innovation officer.
Paul LaViolette, managing partner and chief operating officer at SV Life Sciences, will join Ximedica as chairman of Ximedica’s board.
“We are excited to partner with SV Life Sciences as we embark upon the next phase of our global growth strategy,” Barko said in a statement. “Their experience in working with entrepreneurs and management teams in the Americas and Europe, deep Medtech expertise and industry relationships and their access to growth capital, will be important as we take advantage of opportunities in expanding markets.”
LaViolette said the company is looking forward to working with the team at Ximedica.
“Ximedica is a unique growth platform in Medtech and a great addition to the SV Life Sciences portfolio. It fits very well across our three sectors, biotechnology, medical devices and healthcare services. The combination of Ximedica’s great team, marquee client list and history of success creates a unique and exciting growth opportunity,” LaViolette said.
Ximedica is a FDA registered product development firm that focuses on development and commercialization of medical devices. It has been in business more than 25 years, and helps its clients envision, develop and deliver their ideas to market. It also has offices in Minneapolis, Boston, Chicago and Hong Kong.
SV Life Sciences is an international life sciences venture capital firm, and its affiliated funds have been investing in life sciences companies since the early 1980s; the firm closed its first dedicated life sciences fund in 1994.
The SVLS team manages five private venture capital funds with approximately $1.9 billion of capital under management. SVLS has offices in Boston, London and San Francisco.
A representative from Ximedica could not be immediately reached for additional comment about the news.

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