Patient Square Capital has formed Elevage Medical Technologies and committed $300 million in capital to acquire and develop medical device companies.
Elevage will be led by newly appointed CEO Evan Melrose, MD, who has more than 25 years of experience as a clinician, operator, and investor in the healthcare sector. His past primary care practices included obstetrics, pediatrics, and emergency medicine. Dr. Melrose received his BA from the University of Pennsylvania, received his MD from Indiana University School of Medicine, and an MBA from The Wharton School.
“This is an exciting time for innovation in the medical device field, and through Elevage Medical Technologies, we will support the growth of new, life-changing technologies to impact patient care,” said Dr. Melrose. “I look forward to partnering with the Patient Square team and leveraging our combined operational, technical, and clinical expertise to become the leading partner in the sector.”
Dr. Melrose most recently served as the founding managing director of Spindletop Capital, an Austin, Texas-based healthcare investor. Earlier, he was the founding managing director of PTV Sciences, an Austin-based venture capital firm, and he was a director with Burrill & Company, a San Francisco-based life sciences investment firm.
“Many medical technologies that have been in development for a decade or more are right at the cusp of making a major impact on patient lives,” said Jim Momtazee, the managing partner of Patient Square. “We want to be bold in our support of that innovation and believe that partnering with Evan allows us to step aggressively into that funding void to position a number of product launches for success.”
Patient Square is an investor in the healthcare sector with a specific interest in development-stage therapeutics; commercial-stage pharmaceuticals; medical devices, diagnostics, and life science tools; healthcare providers; and tech-enabled services. The firm has more than $5.9 billion in assets under management and is based in Menlo Park, California.
© 2023 Private Equity Professional | May 2, 2023
