Lazurite Holdings LLC, developer of the ArthroFree surgical system, has received an undisclosed investment from UH Ventures, the commercialization unit of University Hospitals in Cleveland.
The ArthroFree system is expected to be the first wireless surgical camera system for minimally invasive surgeries approved by the U.S. Food and Drug Administration. FDA approval is expected by mid-year, Lazurite said in a statement.
In August, the Cleveland-based medical technology company began collaborating with University Hospitals on additional research and studies of its ArthroFree system, which incorporates Lazurite's proprietary low-heat, high-intensity Meridiem light technology, the company said.
ArthroFree is designed to deliver improved operating room productivity, patient safety and economic value, the company said.
Lazurite's expanded collaboration with University Hospitals, via an investment, is an illustration of how hospital systems can help commercialize medical technologies, said David Sylvan, president of UH Ventures, in the company's statement.
UH's surgeons and surgical staff also are expected to partner with Lazurite on future products, said Leah Brownlee, the company's president, in its statement.
"I believe this collaboration will be critical to our success and will further advance University Hospitals' reputation as an innovative leader in advancing new medical technology," Brownlee said.
Lazurite is a pre-revenue medical device startup backed by private capital. The company has raised about $18 million to date from institutional investors, high-net-worth individuals and more than 50 physicians.
