Securus Medical Group Sold to Boston Scientific Corporation for $50 Million


Earlier this month, Clayton VC firm, RiverVest Venture Partners announced portfolio company Securus Medical Group, Inc., has been sold to Boston Scientific Corporation (NYSE: BSX).

Boston Scientific has been an investor in Securus since 2016, and the transaction price for the remaining stake not already owned consists of $40 million in cash up-front, as well as up to $10 million in contingent payments based on regulatory achievements and commercial milestones.

Since RiverVest led Securusโ€™ Series A financing round, the company has developed an FDA-cleared catheter-based probe with a real-time thermal mapping system that provides continuous monitoring of esophageal temperature during surgery.

In addition to its financial commitment, RiverVest provided hands-on support to accelerate Securusโ€™ development. Karen Spilizewski, RiverVest vice president, served on the companyโ€™s board of directors, as did Nick Walrod, representing 3ร—5 Special Opportunity Fund, a RiverVest affiliate that led Securusโ€™ Series B round.


โ€œSecurus is another example of our strategy working effectively,โ€ said Spilizewski. โ€œWe identify promising early-stage companies, and we provide the guidance and expertise to speed them towards commercialization, making them attractive for sale.

โ€œWith the tremendous leadership of Securus CEO Steve Girouard and CTO and founder John Garibotto, Securus was able to validate its core technology in a system expected to change the standard of care for esophageal temperature monitoring.โ€

RiverVestโ€™s Fund II and the 3X5 Special Opportunity Fund invested in Securus, along with a number of other investors including Cleveland Clinic Foundation, Jumpstart, and the University of Michigan. Boston Scientific joined as an investor in 2016 when it led the companyโ€™s $10 million Series C financing.

Cleveland-based Securus is the 9th company to exit from RiverVestโ€™s Fund II, which had total commitments of $75 million. With the Securus sale, total Fund II proceeds to date from these exits total $200 million.


RiverVest Fund IIโ€™s earlier exits include:

  1. San Diego, CA-based Mpex Pharmaceuticals, Inc. (biopharma) sold to Aptalis Pharma, which was subsequently acquired by Forest Laboratories, Inc. (NYSE: FRX)
  2. San Diego, CA-based Excaliard Pharmaceuticals, Inc. (biopharma) sold to Pfizer Inc. (NYSE: PFE)
  3. Minneapolis, MN-based Lutonix, Inc. (medical device) sold to C.R. Bard, Inc. (NYSE: BCR)
  4. San Clemente, CA-based Cameron Health, Inc. (medical device) sold to Boston Scientific Corporation (NYSE: BSX)
  5. Houston, TX-based IDEV Technologies, Inc. (medical device) sold to Abbott Laboratories (NYSE: ABT)
  6. San Diego-based Lumena Pharmaceuticals, Inc. (biopharma) sold to Dublin-based Shire plc
  7. Fort Worth, Texas-based ZS Pharma, Inc. (biopharma) completed initial public offering, then sold to a subsidiary of London-based AstraZeneca
  8. San Diego-based Otonomy, Inc. (biopharma) completed initial public offering

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