TNInvestco Funds Announce Formation of Device Innovation Group, LLC
Nashville, March 8, 2011 – TriStar Technology Fund and Limestone Fund are pleased to have joined together to form a new company, Device Innovation Group, LLC, which is headquartered in Nashville, Tennessee. As part of its creation, TriStar and Limestone also completed a seed financing round for the company.
Device Innovation Group will develop early stage medical devices that fulfill unmet clinical needs and underserved markets in conjunction with MDI Partners, LLC, a leading medical device innovation company. The primary source of new innovation will come from universities, and the new company will incorporate a “fail fast” philosophy and a strategy of rapid advancement. “We are excited about expanding our existing relationship with MDI Partners, who have a wealth of experience and knowledge about the medical device industry, to further the growth of the medical device industry in Tennessee,” said Brian Laden, Ph.D., a partner at TriStar. “Device Innovation Group will fulfill an unmet need in the medical device arena by focusing on a market that is often overlooked by larger investment firms.”
The Device Innovation Group strategy is built on that of the existing MDI business model, which has a proven track record of successful commercialization in the medical device field. Partners at MDI include Navroze Mehta, an entrepreneur with over 15 years of experience managing life science and technology companies; Edward Boyle, M.D., an experienced cardiothoracic surgeon and medical device entrepreneur; John Harris, an entrepreneur with over 16 years of experience in the development and commercialization of innovative medical device technologies;Andrew Firlik, M.D., a neurosurgeon, entrepreneur and venture capitalist;and Chris Genau, a recognized engineering leader with more than 18 years experience in the medical device, consumer and automotive industries. “We are very pleased to begin a new long-term relationship with Limestone, as well as continue our existing work with TriStar, following their investment in MDI’s spider vein technology company, VenX. We believe that bringing together this team of experienced investors, entrepreneurs and medical device professionals will prove to be a successful venture for not only our three groups, but for the medical device industry as a whole,” said Mehta, Managing Director of MDI. Joe Cook, III, a partner at Limestone, commented, “This is a unique approach to medical device innovation and a more focused way to innovate around unmet clinical needs. We are excited about the potential for Device Innovation Group to help improve patient care and lower overall healthcare costs.”
Device Innovation Group recently hired its first full-time employee, Josh Nickols, Ph.D., who will serve as the VP for Business Development. Nickols is the former CTO and VP of Research & Development for Insight Genetics. Prior to that position, he managed the sports medicine research and development program at BioMimetic Therapeutics. “I am very excited to join Device Innovation Group. We have access to a team of very talented individuals that will build on a track record of successful ventures by developing devices for unmet medical needs.”
TriStar and Limestone were two of the original recipients of funding from the Tennessee Small Business Company Investment Credit Act (TNInvestco). TNInvestco is a state program put in place to develop Tennessee’s entrepreneurial infrastructure, bring additional capital into the state, diversify the state’s economy and create “anchors” or “clusters” of business innovation. The result is new companies being created or spun off and new talent being attracted to Tennessee.
About TriStar Technology Fund
TriStar Technology Fund, LLC is an early stage venture fund that focuses on forming and investing in companies in the area broadly defined as “healthcare innovation:” biotech, pharmaceuticals, personalized medicine, medical devices, healthcare IT and healthcare services. TriStar’s mission is to identify, create and grow early stage, transformative healthcare companies, focusing on opportunities in the Southeast. For more information, visit www.tstventures.com.
About Limestone Fund
Limestone Fund, LLC is an early stage venture capital fund focused on investing in life sciences and consumer technology companies based in Tennessee. Limestone’s principals seek to leverage their experience in these industries to create, support and grow sustainable companies that meaningfully contribute to the economic fabric of Tennessee. For more information, visit www.mgcfund.com/limestone-fund.
About MDI Partners
MDI Partners specializes in early stage medical device development. The company was founded as a result of the mutual recognition by four experienced medical device leaders that there is an unmet need for financial support and management expertise in the development of promising medical device technologies for smaller markets that are below the threshold of interest for traditional venture capital. In general, these products are innovative medical devices with strong patents, a fairly straightforward design, development and regulatory pathway and multiple potential acquiring companies with an interest in the specific area of technology. The entire MDI Partners team is actively involved in every project, each bringing their expertise to ensure success.For more information, visit www.mdipartners.com.
