Pinnacle Asset Management Announces Significant Investments in Medical Device Industry
Three Indiana Based Medical Device Companies Benefit from Investments from Bloomington Indiana Based Firm
Bloomington, IN (PRWEB) July 14, 2005
Pinnacle Asset Management announced that it has made significant investments in three promising young Indiana based companies within the medical device industry; Renascence Medical, Symbios Medical, and Morris Innovative Research (MIR). The announcement was made by Robert McCormack, President and COO of Pinnacle Asset Management.
In making the announcement Mr. McCormack stated, “Our objective at Pinnacle Asset Management is to provide capital, management expertise and resources to help businesses meet their full potential. We are pleased to extend this investment strategy into the medical device industry, and look forward to lending our support and expertise to Symbios Medical, Renascence Medical, and MIR. As a result of our recent investments, these three companies will soon be producing products that enable a variety of medical procedures to be done more safely, efficiently, and cost effectively.”
Peter Dvorak, Pinnacle’s Founder and Chairman, added, “Pinnacle Asset Management has an investment philosophy that encompasses more than providing capital. We believe that a key component of our portfolio's success is the leverage we can provide through hands-on assistance and our network of external resources and service providers. Our entrepreneurial experience allows us to understand the challenges and opportunities associated with growing a business, and provides our portfolio companies with strong resources to draw upon as needed.“
According to Steve Bryant, Director of the Bloomington Life Sciences Partnership – a public/private partnership focusing of growing life sciences jobs in Bloomington, “Pinnacle’s investment in these three Indiana based medical device companies is significant on many levels. Today, one of the biggest economic drivers in every state is life sciences and the biggest challenge is to find local investors that understand the space and its lengthy product development cycles. Pinnacle not only understands the space but also possesses the vision to realize its significance and tremendous future.”
Linda Williamson, Director of the Bloomington Economic Development Corporation, added, “Investments in local businesses are particularly important to the ongoing growth and stability of a community. When investors like Pinnacle invest within their own communities it not only helps to keep the business firmly rooted in the community but it also provides a tier of resources that ultimately attracts and creates other business and job opportunities.”
Bloomington, Indiana based Renascence Medical was formed two years ago with the mission of developing new and innovative medical products for the pre-hospital market. Over the past year, they have been developing a new, gravity-driven I. V. device that allows the healthcare worker to choose between two different drop sizes (10 & 60 drps/ml) at any time during I. V. therapy. It is estimated that total I. V. usage in the U. S. alone is 350,000,000 units per year.
In regard to Pinnacle’s investment in his company, Renascence Chief Executive Officer Dan Dyar said, “The influx of capital from Pinnacle will be used to purchase the tooling and production equipment necessary to manufacture our product and will be instrumental in helping us get our new products to market. Pinnacle is a perfect partner as they are comprised of a group of top notch professionals, are easy to work with, and truly have a great understanding of what it takes to be successful in business.”
Indianapolis, Indiana based Symbios Medical Products, LLC is a medical device company that was created to design, manufacture, market and sell disposable pain management systems - more commonly known as disposable pain pumps - that deliver analgesic pain medication to post-surgical sites. The market for disposable pain pumps is over $200 million and has grown at an annual rate of 35% over the last four years. The market is expected to grow to over $500 million within 5 years.
Symbios Chief Executive Officer Jeff Alholm added, “Teaming with Pinnacle is a dream match for us, they have given us the resources needed to produce a product that will help countless people every year.”
Bloomington, Indiana based Morris Innovative Research (MIR) is a medical device company that was founded in 2002. The companyÂ’s main focus has been the development of an arterial closure device for patients who undergo procedures that treat coronary or vascular disease. This unique closure device integrates a bio-tissue with an introducer sheath, one of the standard tools used in catheter labs. The current worldwide market for femoral closure devices is estimated to be $350 million per year, and growing rapidly.
CEO of MIR Ed Morris stated, “MIR is proud to be a part of the Pinnacle portfolio and we look forward to benefiting from their support and expertise. For MIR, working with Pinnacle is ideal, they understand our mission and are fully supportive of our goals and objectives.”
About Pinnacle Asset Management (www. pinnam. com):
Peter Dvorak founded private equity firm Pinnacle Asset Management in 1989 to optimize the growth and management of Pinnacle's expanding portfolio of operating businesses. Pinnacle Asset Management has since invested in a broad portfolio of companies across a variety of industries, including medical device manufacturing, hospitality services, and information technology.
The Pinnacle Asset Management family of companies has created more than 300 jobs and generates over $70 million per year in revenues.
The Pinnacle family of companies also actively supports charitable and educational organizations in Monroe County, Indiana, including WonderLab, TeacherÂ’s Warehouse, Big Brothers/Big Sisters, The Pinnacle School, The United Way, and Bloomington Symphony Orchestra, as well as other charities in the communities in which it invests.
Press Contacts:
Steven Style or Byron James
The Steven Style Group
New York, NY 10001
T) 212-465-1290
F) 212-465-1299
E) stevens@stylegroup. com or byronj@stylegroup. co
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