Patient Square Capital Announces Formation of Elevage Medical Technologies to Partner with Growth-Stage Medical Device Companies
300 million investment commitment from Patient Square Capital
MENLO PARK, CA, May 1, 2023 – Patient Square Capital (“Patient Square”), a leading health care investment firm, today announced the formation of Elevage Medical Technologies (“Elevage”), a new portfolio company to support the growth of promising medical device companies by providing capital and deep strategic expertise. Elevage will be led by newly appointed CEO Evan Melrose, M.D., who brings more than 25 years of experience in health care across clinical, investment, and operational roles.
Patient Square has made a capital commitment of $300 million to Elevage Medical Technologies. The newly-formed company will deliver financial and strategic growth support to a broad set of medical device technology companies that are at the forefront of transforming health care through cutting-edge devices that enhance health outcomes and quality of life for patients.
“Many medical technologies that have been in development for a decade or more are right at the cusp of making a major impact on patient lives,” said Jim Momtazee, Managing Partner of Patient Square. “We want to be bold in our support of that innovation and believe that partnering with Evan allows us to step aggressively into that funding void to position a number of product launches for success.”
Dr. Melrose most recently served as the Founding Managing Director of Spindletop Capital, which provided pivotal growth capital for healthcare companies. Before this, he was the Founding Managing Director of PTV Sciences, an Austin-based venture capital firm, and served as a Director with Burrill & Company, a San Francisco-based life sciences private equity/venture capital firm. Dr. Melrose serves or has served on multiple company boards including IntersectENT (Nasdaq: XENT), Bioventus (Nasdaq: BVS), and BioForm Medical (Nasdaq: BFRM, acquired: MERZ).
Dr. Melrose has held faculty appointments at Baylor College of Medicine, University of California, San Francisco, and University of Pennsylvania. His research includes biomedical and medical device outcomes/comparative effectiveness research for the National Institutes of Health (NIH) and Agency for Healthcare Research and Quality (AHCPR). His primary care practice included obstetrics, pediatrics, and emergency medicine. He received his BA from the University of Pennsylvania, received his M.D. from Indiana University School of Medicine, and an MBA from The Wharton School. He has been a member of YPO International and a Board Leadership Fellow of the National Association of Corporate Directors. Dr. Melrose served as a prestigious Health Innovator Fellow for the Aspen Institute and was admitted into the Aspen Global Leadership Network.
“This is an exciting time for innovation in the medical device field, and through Elevage Medical Technologies, we will support the growth of new, life-changing technologies to impact patient care,” said Evan Melrose, M.D., CEO of Elevage Medical Technologies. “I look forward to partnering with the Patient Square team and leveraging our combined operational, technical, and clinical expertise to become the leading partner in the sector.”
About Elevage Medical Technologies
Elevage Medical Technologies is dedicated to supporting medical device companies that can meaningfully improve health outcomes and quality of life for patients. Through capital investment and strategic operational support, Elevage strives to accelerate the pace of innovation in the medical technology space. We provide capital and strategic support to growth-stage medtech companies to advance approval and commercialization. To learn more about Elevage, please visit (www.elevagemedicaltechnologies.com).
About Patient Square Capital
Patient Square Capital (www.patientsquarecapital.com) is a dedicated health care investment firm with more than $5.9 billion in assets under management as of January 31, 2023. The firm partners with best-in-class management teams whose products, services and technologies improve health. Patient Square utilizes deep industry expertise, a broad network of relationships and a partnership approach to make investments in companies grow and thrive. Patient Square invests in businesses that strive to improve patient lives, strengthen communities, and create a healthier world.
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