CleveX earns second tranche of Series B funding: $850,000 « MedCity News

CleveX earns second tranche of Series B funding: $850,000 « MedCity News

CleveX Inc., a promising start-up that has created a device to make it easier to do skin biopsies, has received the second half of $1.7 million promised late last year by investors during the company’s Series B funding round.

Investors wanted to break their commitment into two equal tranches “to make sure the company continued its progress toward full commercialization,” said Sam Finkelstein, who took over as chief executive of CleveX in July.

CleveX makes ExiClip–a device that uses a hook to raise the skin, then quickly snips off a lesion for a biopsy and seals the wound with a metal clip, which is removed in about two weeks.

Founded in 2004 by Cleveland Clinic Innovations and IDx Medical Ltd. in Cincinnati, CleveX began to market its device last year to dermatologists who could use it to take skin biopsies. But dermatologists were slow to adopt the device, which was cleared for sale by the Food and Drug Administration in May 2007.

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