MINNEAPOLIS, June 30, 2015 (GLOBE NEWSWIRE) -- Square 1 Bank the premier banking partner to entrepreneurs and the venture capital community, today announced that it has provided a $5 million credit facility to new client Minimally Invasive Devices, Inc. (MID), developer of the FloShield which provides uninterrupted visual clarity during laparoscopic procedures. Proceeds will be used to provide additional working capital and fund continued growth.
Founded by laparoscopic surgeon Dr. Wayne Poll, MID's FloShield products eliminate the need to remove the laparoscope to clean or defog it during the procedure, providing surgeons with a consistent clear view, without interrupting the surgical flow. While in use, FloShield technology actively protects the laparoscope's lens from condensation, smoke and debris. It also flushes the lens if it gets dirty during surgery—all without having to remove the scope.
Wayne Poll, chief executive officer of MID, said, "We believe the next advance in surgical video is not more pixels or better monitors; those have reached diminishing returns. The very best optics will deliver an inferior surgical view if they are covered by fluids and smoke. The next disruption will be self-cleaning optics that resist getting dirty in the first place, so that OR teams and their patients can benefit from the best vision and far fewer surgical interruptions."
Jay McNeil, managing director of life sciences in Square 1 Bank's Midwest region, added "My colleague Nick Honigman and I had the privilege of working with the MID team years ago and are thrilled to partner with the company again. Dr. Poll's inventions are making a real difference in surgical practices worldwide, and Square 1 is excited to support the company as it continues to grow and innovate."
About Minimally Invasive Devices, Inc.
MID is a venture backed Ohio-based medical device company. The company has launched FloShield Air, FloShield PLUS, and Robotic FloShield. Ongoing clinical trials have demonstrated significantly less vision loss and less need to interrupt surgery to clean the optics using the technology. FloShield is sold in the US and 10 countries overseas.
About Square 1 Bank
Square 1 Bank is a full service commercial bank dedicated exclusively to serving the financial needs of the venture capital community and entrepreneurs in all stages of growth and expansion. Square 1's expertise, focus and strong capital base provide flexible resources and unmatched support to meet our clients' needs. Square 1 has offices coast-to-coast in Austin, the Bay Area, Boston, Chicago, Denver, Durham, Los Angeles, Minneapolis, New York, San Diego, Seattle and Washington, DC. For more information, visit www.square1bank.com.
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Source:Square 1 Financial