2017 Year in Review
A look back on the successes and achievements of 2017
Happy New Year!
In the blink of an eye, another year has come and gone. 2017 was an exciting year for PTV, complete with awards and honors bestowed, goals surpassed, and milestones unlocked. Highlights from the year can be found below.
We would like to take this time to thank you, our investors, our entrepreneurs, and our partners. Your ongoing support allows us to continue to enable healthcare innovation and positively impacts patients’ lives every day.
May your 2018 be full of good health and good cheer.
All the best,
The PTV Team
PTV Recognized Among Top Preqin Performers
In October, PTV announced it had been recognized among top performers in the 2017 Preqin Performance Monitor as both a Most Consistent Top Performing Private Equity Fund Manager and Most Consistent Top Performing Venture Capital Fund Manager.
Consistent fund performance across a series of funds is of great importance for long-term private equity investors. Preqin’s analysis has shown that the majority of fund managers with top-quartile funds go on to produce returns in their later series of funds that also beat the median benchmarks. PTV was previously named a Preqin Consistent Performing Venture Capital Fund Manager in 2010 and 2014.
Cardiva Medical Raises $30 Million
In March, Cardiva Medical announced that the company had completed closing of a $30 million equity financing. The equity round included new investor, affiliates of Luther King Capital Management, and drew continued participation from all of Cardiva Medical’s existing major investors, including PTV and the Canepa Advanced Healthcare Fund.
The financing will be used to continue the rapid commercial expansion of the VASCADE Vascular Closure System – and to fund Cardiva’s proprietary, next generation closure technologies that are under development and clinical validation.
Tryton Medical Receives FDA Approval for Tryton Side Branch Stent
Also in March, Tryton announced U.S. Food and Drug Administration approval of the company’s PMA application for the Tryton Side Branch Stent for the treatment of coronary bifurcation lesions involving large side branches. The Tryton Side Branch Stent is the first dedicated bifurcation device to receive regulatory approval in the US. In September, it was recognized by Premier Inc., a leading healthcare improvement company, with the prestigious Technology Breakthrough Award. Premier’s Technology Breakthrough Award is granted to cutting-edge products that significantly advance healthcare in terms of safety, clinical outcomes and/or operational efficiency.
Tryton signed a strategic distribution agreement with Cardinal Health enabling Cordis, its interventional vascular business, to be the exclusive distributor of the Tryton Side Branch Stent in the US. Tryton has been successfully commercializing with its distribution partner in 2018.
Apollo Endosurgery Receives FDA Clearance for OverStitch™ Sx Endoscopic Suturing System
In August, Apollo received CE (Conformité Européene) Mark approval for the ORBERA365 Managed Weight Loss System.
The ORBERA365 Managed Weight Loss System doubles the indwell period of the #1 intragastric balloon in the world from 6 months to a 12 month treatment period. The approval enables Apollo to market and sell the ORBERA365 Weight Loss Balloon in European Union and the European Economic Area member countries.
At the end of August, Apollo presented 20 year outcomes data for the LAP-BAND® System at the 22nd World Congress of the International Federation for the Surgery of Obesity and Metabolic Disorders (IFSO) in London. The excellent long-term outcomes provide further evidence that LAP-BAND® is a safe and effective procedure that results in sustained, medically relevant weight loss.
In November, Apollo announced U.S. Food and Drug Administration 510k clearance of the OverStitch Sx, a new, full-thickness flexible endoscopic suturing system that will work on a broad range of single-channel flexible endoscopes.
The OverStitch Sx, in addition to broadening endoscope compatibility, is expected to provide optimal visualization and maneuverability for the physician. Apollo plans to introduce the Sx system in the US and Europe in the first half of 2018.
Intuity Medical Raises $40 Million in Equity Financing
In December, Intuity announced that it has closed $42.5M in the initial tranche of a $70M round of funding which includes $40M in equity financing from Intuity’s existing investors, plus $30M in debt financing from Hercules Capital. Financing will fund the commercial launch of Intuity Medical’s POGO® Automatic™ Blood Glucose Monitoring System, the first fully-integrated blood glucose monitor.
PTV’s Featured Session at SXSW
In March, PTV presented its Featured Session, “Collaborative Innovation in the Digital Health Age”, on SXSW’s main stage. In front of a packed house, Dr. Clay Johnston, Dean of UT Austin’s Dell Medical School led Ginni Rometty, Chairman, President, and CEO of IBM and Alex Gorsky, CEO of Johnson & Johnson, in a conversation on big data, the Cloud, and the convergence of health and IT that’s changing the face of healthcare. With nearly 1,000 people in the audience and another 1,700 watching online, the event showcased PTV’s growing thought leadership in the space.
Authentic Leadership with Harvard’s Bill George
In September, at the 2017 PTV Investors Meeting we were honored to welcome Harvard Business School Professor and former Medtronic CEO Bill George to deliver a keynote address on authentic leadership. In his hour-long talk before a room of investors and portfolio company executives as well as Austin entrepreneurs and students, Mr. George shared his own journey to discover his true north and develop a servant leadership mentality based in authenticity and integrity.
Mr. George also held a special Q&A session with a hand selected group of Dell Medical School and McCombs MBA students from the University of Texas at Austin. In the 45 minute session the students asked in-depth questions about health reform, ethics, leadership, and how best to impact meaningful change in healthcare.
PTV’s Lauren Chauret Named Austin Under 40 Award Winner
In April, PTV Partner and Director of Operations Lauren Chauret was named an Austin Under 40 Award Winner. The AU40 Awards recognize emerging leaders who excel in their professions and are dedicated to serving the Austin community. At a black tie gala honoring the finalists, Lauren was announced as the AU40 Winner of the Medicine, Healthcare, and Life Sciences category. She was previously nominated as one of five finalists in 2016. Congratulations Lauren on this incredible honor!