Biocoat – a Horsham, Pa.–based maker of lubricious hydrophilic coatings for medical devices – said today that healthcare investment firm 1315 Capital has bought it.
The deal closed Dec. 20, 2018. Financial terms were not disclosed.
Philadelphia-based 1315 Capital provides expansion and growth capital to commercial-stage healthcare services, medical technology, and specialty pharmaceutical companies. Biocoat officials think money from 1315 Capital will help them to more aggressively grow in the expanding biomaterial coatings market for medical devices.
“The synergies between our management team and the team at 1315 Capital were clear from the start,” Biocoat CEO Jim Moran said in a news release. “Their investment and operating teams bring an outstanding track record of providing strategic support and expertise, thereby enabling Biocoat to pursue a more aggressive approach to the market.”
Biocoat’s lubricious hydrophilic coatings find uses involving neurovascular, cardiovascular, peripheral and ophthalmic devices
“Biocoat’s combination of differentiated technology within an expanding market and growth-focused management team makes it a great fit for 1315 Capital, and we’re excited to be working with Jim and his team,” said Michael Koby, co-founding partner of 1315 Capital.