Pathfinder Therapeutics' wandering in the VC desert has ended with announcement it has closed a $5.2 million round of funding, led by Hatteras Venture Partners of Research Triangle Park, N.C.
Announced co-investors include Florida Gulfshore Capital, Clayton Associates, Nashville Capital Network, Vanderbilt University and Lumira Capital Corp., which is based in Toronto.
In addition, Hatteras executive Bob Morff will serve as Pathfinder's interim CEO, succeeding Paul MacDonald, who left the company earlier this year, with no explanation from the company.
In May, MacDonald had been bullish regarding eventually raising capital for his company, but conveyed doubt as to raising the lion's share locally.
The company today said the new capital will finance the launch of PlaniSight Linasys and SurgiSight Linasys, medical devices focused on the planning and intra-operative navigation of liver surgery.
Bob Galloway, a Pathfinder co-founder and professor of biomedical engineering at Vanderbilt University School of Engineering said in the company's release today, "This investment allows the translation of our research and development from the laboratory to the hospital and now to the marketplace where it can help the maximum number of patients."
Dr. Harry Jacobson, vice chancellor for health affairs at Vanderbilt University Medical Center, said in the same release, "Vanderbilt has nurtured and developed Pathfinder for several years."
As part of the terms, Clay Thorp and Bob Morff from Hatteras Venture Partners and Richard Molloy from Florida Gulfshore Capital have joined the board of Pathfinder. ♦
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