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Jan 28, 2026

Feature Story – Backing the Breakthroughs: Ray Cohen’s Latest Strategic Bets

Feature Story – Backing the Breakthroughs: Ray Cohen’s Latest Strategic Bets

Raymond W. Cohen on stage at LSI USA 2024
(Source: LSI USA ‘24)

In Q4 2025, veteran operator, boardroom closer, and hands-on builder Ray Cohen quietly initiated and closed two substantial financings: $67 million for Spiro Medical and $50 million for Biobeat Medical, with no bankers, no finders, and no fanfare. Just conviction, access, and the trust of teams and investors who’ve seen him deliver again and again.

Raymond W. Cohen is on a roll and nowhere near ready to retire. He’s too busy betting on technologies that can redefine the standards of care for chronic disease while mentoring the next generation of medtech leaders.

Fresh off a $3.7 billion exit at Axonics and recent deals with SoniVie and Nalu Medical, he’s once again betting early and big on innovative medtech, this time as Executive Chairman at Biobeat Medical and Chairman at Spiro Medical. The companies have developed novel approaches that promise to revolutionize two hugely problematic health conditions: high blood pressure and asthma. And, the playbook feels familiar: identify the right problem, back the right team, and get to market with focus and urgency. (See Cohen’s cover story in The Lens’ June 2025 issue: “A Page from Ray Cohen’s Playbook: Scaling, Exiting, and Winning in Medtech.”) 

“The financing environment was brutal last year,” says Cohen, in a recent conversation with The Lens. “So how do you raise over $100 million in Q4? You do it yourself. You know who to call. You don’t waste time.”

The Lens is what the sharpest minds in medtech are reading to stay ahead. Packed with expert perspectives, market analysis, and high-impact insight, it’s an essential edge for the ones building, leading, and betting on this industry. The Lens is what the sharpest minds in medtech are reading to stay ahead. Packed with expert perspectives, market analysis, and high-impact insight, it’s an essential edge for the ones building, leading, and betting on this industry.

The Lens is what the sharpest minds in medtech are reading to stay ahead. Packed with expert perspectives, market analysis, and high-impact insight, it’s an essential edge for the ones building, leading, and betting on this industry. The Lens is what the sharpest minds in medtech are reading to stay ahead. Packed with expert perspectives, market analysis, and high-impact insight, it’s an essential edge for the ones building, leading, and betting on this industry.

The Lens is what the sharpest minds in medtech are reading to stay ahead. Packed with expert perspectives, market analysis, and high-impact insight, it’s an essential edge for the ones building, leading, and betting on this industry. The Lens is what the sharpest minds in medtech are reading to stay ahead. Packed with expert perspectives, market analysis, and high-impact insight, it’s an essential edge for the ones building, leading, and betting on this industry.

The Lens is what the sharpest minds in medtech are reading to stay ahead. Packed with expert perspectives, market analysis, and high-impact insight, it’s an essential edge for the ones building, leading, and betting on this industry.

The Lens is what the sharpest minds in medtech are reading to stay ahead. Packed with expert perspectives, market analysis, and high-impact insight, it’s an essential edge for the ones building, leading, and betting on this industry.

The Lens is what the sharpest minds in medtech are reading to stay ahead. Packed with expert perspectives, market analysis, and high-impact insight, it’s an essential edge for the ones building, leading, and betting on this industry.

The Lens is what the sharpest minds in medtech are reading to stay ahead. Packed with expert perspectives, market analysis, and high-impact insight, it’s an essential edge for the ones building, leading, and betting on this industry. The Lens is what the sharpest minds in medtech are reading to stay ahead. Packed with expert perspectives, market analysis, and high-impact insight, it’s an essential edge for the ones building, leading, and betting on this industry. The Lens is what the sharpest minds in medtech are reading to stay ahead. Packed with expert perspectives, market analysis, and high-impact insight, it’s an essential edge for the ones building, leading, and betting on this industry.

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