Elevage Medical's med-tech pipeline

As the med-tech market livens up, the new Patient Square platform Elevage Medical Technologies has $300 million to scoop up earlier-stage businesses, says Patient Square managing partner Jim Momtazee.

Why it matters: The fall of Silicon Valley Bank has widened the funding chasm for early-stage health tech and med-tech companies, leaving more room for players like Elevage.

What's happening: Elevage sees more opportunity to "move the needle quicker with M&A," and has a pipeline of investment opportunities it's chasing, says Momtazee.

• The company is looking at about "a half dozen" prospective deals to complete in the next year, he notes.
• "We will have company-building going on in the background and partnering and backing med0tech that we can get in patients' hands," he says. "We will be walking and chewing gum."

What they're saying: Observing the level of innovation in the medical device field, Patient Square saw a need for a strong consolidator in the field — a thesis that was validated over diligence, says Momtazee.

• "A lot of these medical device companies need financial and operational support, so we can provide capital and expertise to make real patient impact," he said.
• Evan Melrose, former founding managing director of growth capital shop Spindletop Capital, will serve as CEO of Elevage.

The bottom line: "This just isn't about medical devices, it is the convergence of information IT and health care," said Melrose.