Mark Toland, Former CEO of Siemens-Owned Corindus, Joins BioStar Capital as Partner and Entrepreneur in Residence
PETOSKEY, Mich.–(BUSINESS WIRE)–BioStar Capital, a value-add investment firm focused on transformational medical device technologies that serve unmet patient needs in cardiovascular and orthopedic medicine, today announced that Mark Toland, former CEO of Corindus Vascular Robotics, a Siemens Healthineers and BioStar portfolio company, has joined the firm as a partner and entrepreneur in residence (EIR). In this role, Mark will help BioStar discover, develop and nurture new startups with transformative, high-growth potential. The EIR position is also inherently flexible enough to allow Mark to function in a wide range of capacities within these emerging companies, from consultant to Board member to executive leadership positions.
With a 20+ year track record of success in the medical device industry, Mark’s arrival comes amid unprecedented levels of technological innovation in healthcare spurred by the COVID-19 pandemic, as obstacles to development and approval of life-changing innovations that once seemed insurmountable are now accelerating at record speed. As evidence of COVID’s detrimental cardiovascular impact grows, Mark’s previous role as CEO of Corindus will be an additional asset, as innovations in cardiovascular technology ramp up to meet the demand.
Mark joins a unique team combining the business acumen of seasoned investment professionals, and the clinical expertise of world-renowned physicians. The BioStar team has invested in over 30 medical device startups, with nearly half acquired by major medical device manufacturers, including Boston Scientific, Medtronic and Covidien.
“Having been an early investor in Corindus, the BioStar team and I have had the privilege of working with Mark for several years and experiencing firsthand his innate leadership ability, and we’re thrilled to have him aboard,” said Louis Cannon, MD, Founder and Senior Managing Director, BioStar Capital. “Mark’s knowledge, connections, tenacity, and unique ability to innately deconstruct complex situations into clear, actionable paths will greatly benefit our investors and limited partners, our startups, and most importantly, positively impact the lives of patients.”
During his tenure as CEO of Corindus, Mark helped to transform the company from a startup with a struggling early generation product, into a global technology leader in robotic-assisted vascular interventions, culminating in a $1.1 billion acquisition by Siemens Healthineers in 2019. Shortly after joining Corindus, Mark led the company to develop and launch its second-generation product, the CorPath GRX®, currently the only FDA cleared and CE marked robotic system for endo-vascular coronary and peripheral vascular interventions. In 2018, CorPath GRX completed the world’s first in-human remote coronary intervention with the physician located miles from the patient, paving the way for long-distance telerobotic intervention for heart attacks and stroke care. Under Mark’s leadership, Corindus has been positioned to transform care in cardiology and neurology away from transport of patients hundreds or thousands of miles for actionable and immediate intervention during patients greatest times of need; time is essential and minutes may mean heart muscle or brain cell death.
Prior to Corindus, Mark was the Senior Vice President responsible for intensifying Boston Scientific’s commercial impact across all business units. He led the development of partnerships with large healthcare systems around the globe by deploying innovative solutions to reduce healthcare cost and improve quality. Prior to this role, Mark served as the Senior Vice President, U.S. Sales and Sales Operations for the Interventional Cardiology, Cardiac Rhythm Management, Peripheral Interventions, and Electrophysiology divisions, overseeing over 2,000 employees in sales, commercial operations and customer service. He was accountable for over $4 billion in revenue and helped lead the integration efforts of key acquisitions that helped propel the company back to growth.
“The time is now for advanced technology to fundamentally reshape healthcare. In my time at Corindus, I saw firsthand how the world, partially in response to COVID, has embraced technology, not only from within the clinical community but at a societal level,” said Toland. “My colleagues at BioStar are uniquely focused on finding and developing innovative companies ready to leverage AI, Deep Learning, Robotics and other transformative technologies to address a wide range of healthcare inefficiencies and inequities.”
About BioStar Capital
BioStar Capital is a strategic value-add investment firm focused on accelerating value creation for transformational medical device and connected health technologies in cardiovascular and orthopedic medicine. Combining the insight of experienced investment professionals and world-renowned medical thought leaders, BioStar identifies proprietary technologies that serve unmet patient needs and fit the acquisition criteria of leading medical device companies. BioStar fills an important gap in medical device innovation and provides operational skills and clinical expertise in addition to capital, enabling the firm to actively mitigate risk, optimize product development, and secure successful exit. The firm has invested in over 30 med-tech companies, many of which have been acquired by a major medical device manufacturer. For more information, visit www.biostar.capital.