Boston, MA – Nova Science, a Dublin based medical device firm, has been acquired by Abbot Laboratories (NYSE: ABT). The Company developed and patented a disposable closure device to seal arteries after cardiac surgery. Initially backed by Enterprise Ireland, the Millennium Entrepreneur Fund and British venture capitalists 3i Group and MVM Life Sciences Partners, Nova Science raised was follow-on funding from Trinity Venture Capital, ACT Venture Capital and existing investors. Capstone Partners LLC teamed with Medical Capital Advisors, LLC to provide investment banking advisory services to Nova Science.
Nova Science was established in 1999 by Jim Coleman, the previous founder of Chiroxia. Mr. Coleman, a vascular surgeon, has been a senior medical director of various multinational firms including Tyco. The Company was Chaired by George Borthwick, the former European President of Ethicon, a subsidiary of Johnson & Johnson that produces wound closure products. The transaction marks the second successful transaction for Mr. Coleman.