The University of Virginia Licensing & Ventures Group Seed Fund Announces Investment in 510 Kardiac Devices, Inc.

The Fund’s fourth investment aims to drive FDA approval process of novel medical device

May 16, 2018 (Charlottesville, VA) – The University of Virginia Licensing & Ventures Group (LVG) Seed Fund announced today its fourth investment - 510 Kardiac Devices, Inc. (510 Kardiac). 510 Kardiac is an early stage medical device company developing novel technologies for cardiovascular surgical procedures.

The investment will accelerate the company's efforts to obtain FDA approval for the Lim Transseptal System (LTS), a surgical instrument designed to provide increased control and visibility for physicians targeting specific locations within the structures of the heart. During catheter-based operations, the most effective way to access the left atrium of the heart is through transseptal punctures. The LTS device aims to increase the precision and effectiveness of the technique during advanced cardiac procedures.

Dr. Scott Lim, the namesake of the device, is an interventional cardiologist and the Director of the Advanced Cardiac Valve Center at the University of Virginia Health System. He co-founded 510 Kardiac with the company’s current CEO, Jaime Sarabia, a mechanical engineer with more than 18 years of experience in medical device ventures.

“Our investment in the 510 Kardiac LTS device at this early stage epitomizes why UVA created this Fund,” says Bob Creeden, Managing Director of the UVA LVG Seed Fund. “By showing institutional support for a UVA developed technology, we attracted several other investors including Minnesota-based Nextern Medical to help fund the company through their next stage of development.”

Since its inception in 2015, 510 Kardiac has contracted with a manufacturer, designed six generations of functioning prototypes of the LTS device and conducted a successful pre-clinical study. In preparation for regulatory approval and initial commercialization, the company implemented a quality control system with completed molds, packaging, and labeling design for the device. Each of these components along with a sound regulatory plan ensures that 510 Kardiac is well positioned to seek FDA approval of the LTS device.

“We are grateful to have support from the UVA LVG Seed Fund as we prepare for FDA approval and approach commercialization of the LTS device,” says Jaime Sarabia, CEO of 510 Kardiac Devices. “Our team has worked through the necessary research and development, and we believe this device will significantly improve the functionality, visibility, and precision needed to perform transseptal punctures.”

Like the three other companies in the UVA LVG Seed Fund portfolio, 510 Kardiac underwent an extensive due diligence process and earned approval from the Seed Fund Committee. The committee is comprised of five UVA alumni who are all leaders in early-stage investing and startup development.

About UVA LVG Seed Fund

The University of Virginia Licensing & Ventures Group created the $10 million UVA LVG Seed Fund to support new ventures emerging from the university portfolio. The objectives of the Fund are to support the UVA Cornerstone Plan, be capable of generating significant financial returns and be diversified in supporting a broad range of innovation assets developed at UVA. The Fund will reinvest its gains to provide capital for additional investments. UVA students, faculty, staff and those who have completed the iLab program are eligible to receive funding through the UVA LVG Seed Fund and applications are accepted on a rolling basis. To apply and learn more, please visit lvg.virginia.edu.

About University of Virginia Licensing & Ventures Group

The Licensing & Ventures Group is the University of Virginia intellectual property management and innovation commercialization organization for UVA’s research portfolio (www.lvg.virginia.edu). Founded in 1977 as a 501(c)(3) UVA affiliated foundation, UVA LVG receives ~200 invention disclosures, executes ~80 commercial transactions, and launches 5-7 new companies each year. During the 2017 fiscal year, UVA LVG was awarded 82 patents in the US and abroad. Its mission is to maximize the impact of UVA innovation assets via commercialization while providing high levels of customer service, value-added business development, new venture creation, and a focus on driving quality transactions.

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