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Coaxia Inc. Gets $17.6 Million Series B For Catheter-Based Stroke Treatment

10/19/2005 5:11:49 PM

MAPLE GROVE, Minn., Oct. 13 /PRNewswire/ -- CoAxia, Inc., a development- stage medical device company in clinical testing of a catheter-based treatment for ischemic stroke, announced today it has closed $17.6 million in Series B financing. New investors include Prism Venture Partners and Canaan Venture Partners, which co-led the round, and Baird Venture Partners.

As part of the financing, Gordie Nye, General Partner, Prism and Brent Ahrens, Principal, Canaan, will join the company's board of directors.

"CoAxia is very pleased to have raised this additional capital to fund further development and clinical testing of our NeuroFlo(TM) catheter system in patients with cerebral ischemia, notably in those with ischemic stroke and cerebral vasospasm," said president and CEO, Andrew M. Weiss. "We believe this funding will allow us to continue development of our technology and significantly advance clinical testing. We are encouraged that leading investors such as Canaan Venture Partners, Prism Venture Partners, Affinity Capital, J&J Development Corporation and Baird Venture Partners chose to participate in this financing round."

Cerebral ischemia, including ischemic stroke, is a condition that annually afflicts and debilitates millions of people worldwide. CoAxia's NeuroFlo catheter system is designed to enhance blood flow to the brain following a cerebral ischemic event, to provide a safe and effective treatment and improve patient outcomes.

About CoAxia, Inc.

CoAxia, Inc., a Maple Grove, MN-based, privately held, development-stage medical device company, is pioneering the use of catheter-based perfusion augmentation systems for the treatment of cerebral ischemia. Cerebral ischemia is characterized by a reduction in blood flow to the cerebral vasculature and includes ischemic stroke and vasospasm, which affect millions of people worldwide. CoAxia currently has CE marked and FDA cleared catheters for controlling flow in the peripheral vasculature. The company is developing and testing its proprietary technology platform, NeuroFlo(TM), which redistributes blood flow to the brain during acute cerebral ischemic events such as stroke or vasospasm. Further information is available at .

About Prism Venture Partners

Prism Venture Partners, Westwood, MA, is a leading venture capital firm with early-stage investments in communications, business infrastructure software and systems and life sciences. With over $1 billion in capital under management, Prism has earned industry recognition through the firm's depth of entrepreneurial experience and active role with portfolio companies. Prism's access to an established pool of seasoned entrepreneurs and skilled executives, collaborative approach to working with portfolio companies and integrated network of investors contribute to the firm's investment success. Additional information on Prism Venture Partners can be found at .

About Canaan Venture Partners

Canaan Partners ( ) is a $2 billion national venture capital investment firm formed in 1987. Canaan specializes in startup and emerging-growth companies in information technology and services, as well as health care and medical technology. Canaan Partners was an early backer in AdvancePCS, Capstone Turbine, CommerceOne, Concord Communications, Copper Mountain Networks, DoubleClick, Eon Labs, Praecis Pharmaceuticals, and SalesLogix (acquired by The Sage Group plc). In addition, Canaan has investments with dozens of other market-leading companies.

CoAxia, Inc.

CONTACT: Andrew M. Weiss of CoAxia, Inc., +1-763-315-8393, or BrentAhrens of Canaan Venture Partners, +1-650-854-8092, or Gordie Nye of PrismVenture Partners, +1-781-302-4000

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