Northwestern University spinout Surgical Innovation Associates was acquired by Integra LifeSciences Holding Corp. this week in a deal that could be valued up to $140 million if certain milestones are met.
The Chicago-based plastic surgery medical devices company raised $4 million in 2019 in a Series A that included Harvard Business School Angels and Minneapolis-based Gopher Angels.
SIA was co-founded by board director Alexei Mlodinow while he was a dual M.D.-M.B.A. student at Northwestern’s Feinberg School of Medicine and Kellogg School of Management, along with Todd Cruikshank and technology inventor John Kim.
Cruikshank, SIA CEO Josh Vose and Jason O'Hearn, chief commercial officer at SIA, will continue their leadership roles as part of Integra.
SIA is best known for its DuraSorb Monofilament Mesh, a bioabsorbable mesh used in soft tissue reconstruction procedures, which the company brought from ideation through FDA clearance and into real-world application where it has been used in an operating room.
DuraSorb launched commercially in 2020 and has reportedly seen an 80% to 100% annual revenue growth since then. SIA's acquisition is expected to push the product’s continued adoption in the U.S. further and broaden its availability around the world.
The company also has other commercial and experimental products in the U.S. and several other markets.
Integra purchased SIA for $50 million at closing and up to $90 million if certain revenue and regulatory milestones are met. The transaction is expected to close by the end of the year.
