Ascent Medical Technology Fund II, L.P.
The Ascent Medical Technology Fund II, L.P. was established in 2006 to make privately negotiated
investments in seed, early and mezzanine stage growth companies principally in the medical device industry
and, to a lesser extent, in other medical technology industries. To diversify access to scientific innovation,
enhance the profitability of investments, and streamline proof of clinical efficacy, the Fund was establishing
medical technology developmental and manufacturing infrastructure in the Middle East, and investing in
medical technology innovation. This also served to diversify the manufacturing sectors and improve the
economies of Oman and Jordan, where businesses were established.
The Fund enjoyed support from the Ministries of Health of countries in which it worked, from the investment communities in the regions, as well as from regional key medical business leaders.
Fund II established the Philadelphia Medical Product Development Centre in Amman, Jordan, to conduct feasibility and pre-clinical as well as clinical product research for innovative devices, pharmaceuticals, and treatments. The Centre enjoyed cooperation from and worked with the University of Jordan and from Jordan University of Science and Technology.
Fund II also invested in Bioheart Inc. (see Fund I).
Ascent Medical Corporation in Salalah, Oman, was established by Fund II in partnership with an Omani
hospital supply manufacturer, Salalah Medical Supply Manufacturing SAOC to manufacture medical devices
for sale globally. Its first product was a guidewire used to conduct cardiovascular surgeries. That product
saw a fine reception in Europe and the United States.
Finally, Fund II established Heartland Biosciences Inc. to pursue opportunities in the nutraceutical realm
globally, using Jordan as a manufacturing base, and conducted in Jordan important research on the ability of
d-ribose to enhance outcomes of cardiovascular stem cell-based surgeries.
Our vision was to grow a medical technology industry in the Middle East that would support global
innovation, including that arising from the Middle East itself, and would enable the Middle East to become
less dependent on oil, foster job creation, and in so doing, provide exceptional returns to investors.
Unfortunately, political events in the Middle East along with the first decade's economic downturn interfered
with the success of these investments.
