Contributing to the latest round of Mariner Endosurgery, Bay Area Health Trust shows strategic support for local health care businesses and ecosystem.
Bay Area Health Trust, a Hamilton, Ontario based company that operates life science businesses with the goal of returning value to its beneficiaries including Hamilton Health Sciences announced it has signed an agreement to provide an undisclosed amount of capital to Mariner Endosurgery.
In December 2018, Mariner, an innovative Canadian medical device company received FDA clearance for its LaparoGuard Augmented Surgical Navigation system for use in US operating rooms. Hospitals and surgical facilities will now be able to incorporate this game-changing surgical navigation system. Mariner will use the proceeds to provide working capital and to build out additional LaparoGuard sites in both Canada and the United States.
“We are very pleased with the addition of our strategic investors on board with Mariner. The support from an institutional investor and the Hamilton life sciences community will accelerate our strategic growth plans,” commented Mitch Wilson, President & COO of Mariner Endosurgery.
LaparoGuard is currently in a clinical trial at Hamilton Health Sciences’ General Hospital led by Dr. Niv Sne, trauma surgeon proficient in advanced laparoscopic cases and Associate Professor of Surgery at McMaster University.
“We look forward to this being the start of more to come for Bay Area Health Trust, our Business Development Office and for the larger Hamilton life sciences community. Mariner is a shining example of what can be accomplished when a world class innovation eco-system works together as close as the one in Hamilton does,” said Peter Kalra, President and CEO of Bay Area Health Trust.
Bay Area Health Trust’s Business Development Office, which led the negotiation on this transaction, is responsible for identifying and expanding business opportunities with prospective partners be they internal affiliates or external corporations.
Source: Company Press Release