MINNEAPOLIS, Minnesota — A former executive with Medtronic Inc. and CoreValve Inc. has joined Essex Woodlands Health Ventures to start a medical-devices investment fund.
Dan Lemaitre will lead the new White Pine Medical fund, which has received a financing commitment of “up to” $50 million from Essex Woodlands, according to a statement from the company.
Lemaitre was chief executive of CoreValve, an Irvine, Calif., cardiovascular device firm that was acquired for $700 million by Medtronic last year. Prior to that, 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, according to the statement.
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“Valuations in the medical device arena are extraordinarily attractive due to a litany of ambiguities, yet the sector provides exceptional growth opportunities for companies that commercialize products that offer better, cost-effective and less invasive treatments,” Lemaitre said.
Essex Woodlands Health Ventures was founded in 1985 and has offices in Palo Alto, Calif.; Houston, New York and London. In that time, the company has raised eight funds and now has nearly $2.5 billion under management.
The firm 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.