MID Labs Closed a $51MM Round of Financing Led by OrbiMed and Frontline BioVentures
October 16, 2014
SAN LEANDRO, Calif. -- MID Labs Ltd., a medical device company currently focused on developing novel products for vitreoretinal surgery, today announced the closing of $51 million of financing. This investment is led by OrbiMed and Frontline BioVentures. Other investors include Softbank China Venture Capital (SBCVC), Allen Chao, and Sungent BioVenture.
“MID Labs is well-positioned to leverage its technology leadership in vitrectors and broaden its product lines and commercialization capabilities on a global basis,” said Dr. Kai Chen, Chief Executive Officer of MID Labs. “In addition, we plan to use some of the proceeds from this financing to expand our development and production capacity both in the US and in China.”
“We look forward to working with the MID Labs team to realize its potential of innovation capability, efficient manufacturing, and expansion in China,” said Dr. David Wang, Senior Managing Director at OrbiMed.
About MID Labs
MID Labs was founded by Dr. Carl Wang in 1981 and has been associated with vitreoretinal surgery from its infancy. Not only has MID Labs invented the tools for modern vitrectomy, but as a company, it has been instrumental in revolutionizing the ophthalmic field through its new products. MID Labs continues to innovate with the MID Labs branded product line which is supplied to more than 30 countries around the world. These products set the standard for precision, performance, and quality. In addition, MID Labs serves its corporate customers with products and contract manufacturing services.
OrbiMed is a leading investment firm dedicated exclusively to the healthcare sector, with approximately $12 billion in assets under management. OrbiMed invests globally across the spectrum of healthcare companies, from venture capital start-ups to large multinational companies. OrbiMed's team of more than 80 employees manages a series of private equity funds, public equity funds, royalty/debt funds and other investment vehicles. OrbiMed maintains its headquarters in New York City, with additional offices in Herzliya, San Francisco, Shanghai and Mumbai.