White Pine Medical is in the midst of a $57 million equity fundraise that will power its first medical devices fund, according to a Securities and Exchange Commission filing.
White Pine is affiliated with Essex Woodlands Health Ventures, a venture powerhouse that was founded in 1985, has raised eight funds and has about $2.5 billion under management. Essex Woodlands pledged to commit “up to” $50 million to White Pine when the latter’s formation was announced last month.
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White Pine is led by Dan Lemaitre, former chief executive of CoreValve, an Irvine, Calif., cardiovascular device firm that was acquired for $700 million by Medtronic last year. Before CoreValve, Lemaitre was a senior vice president with Medtronic, where he led strategic planning and corporate development and was a member of the company’s executive and operating committees.
White Pine will focus its investments on late-stage medical device companies in areas such as cardiovascular, orthopedics and neurostimulation. The fund will target companies that will turn a profit within 18 months of acquisition, the Wall Street Journal reported.
So far, White Pine has pulled in $1 million of its planned total, according to the regulatory filing. The rest should follow pretty easily, assuming Essex Woodlands throws in its pledged $50 million.
The first sale in White Pine’s offering happened on March 12. The offering is expected to last more than a year, according to the regulatory document.
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Essex Woodlands invests in pharmaceuticals, biotechnology, devices, health services and managed care. Several of its device portfolio companies hail from Minnesota, including ATS Medical and Entellus Medical.
