REDWOOD CITY, Calif., Oct. 12 /PRNewswire/ -- Radiant Medical, Inc., a private medical technology company, pioneering the development of endovascular therapeutic cooling for the treatment of cardiovascular disorders, today announced that it raised $36 million in an oversubscribed round of venture capital financing.
New investor Bay City Capital led the financing and was joined by VantagePoint Venture Partners, also a new investor. Existing venture capital investors Three Arch Partners, Sprout Group, InterWest Partners, MedVenture Associates, Highland Capital Partners, Alta Partners, and Weiss, Peck and Greer Venture Partners also participated in the financing.
Radiant Medical intends to use the proceeds from the financing to advance its clinical research program with a proprietary device-based treatment intended to reduce heart damage during an acute myocardial infarction (heart attack) and reduce the incidence of acute kidney failure following routine coronary or peripheral catheterization procedures.
"We're excited to support Radiant Medical's experienced management team in its effort to clinically validate the concept of therapeutic cooling for heart and renal protection using a new superior product while leveraging their extensive clinical experience," said William Gerber, M.D., Partner, Bay City Capital.
"The company is at an exciting stage of evolution with two promising interventional cardiology applications addressing large and growing markets," said Annette Bianchi, Managing Director, VantagePoint Venture Partners.
The new Reprieve(R) Endovascular Temperature Therapy System cools the body during and after a heart attack to help preserve the heart muscle cells and microvascular blood flow, to improve long-term heart function and patient outcome. The company recently initiated the COOL MI II pivotal trial (COOLing as an adjunctive therapy to percutaneous coronary intervention in patients with acute Myocardial Infarction II) to evaluate the safety and effectiveness of this treatment.
"We are extremely pleased with the support and confidence our investors have expressed in the company's management, technology, and business strategy," stated Kenneth G. Hayes, Jr., President and Chief Executive Officer of Radiant Medical. "It is rewarding to have investors of this high caliber see the opportunity for endovascular therapeutic cooling and the value it may bring to patients. We are delighted to have Bay City Capital and VantagePoint Venture Partners join the investor group in our company-building effort."
About Radiant Medical, Inc.
Radiant Medical, Inc., headquartered in Redwood City, California, is a private medical technology company, focused on the research and development of state-of-the-art endovascular temperature therapy systems to advance the treatment of patients with acute ischemic or inflammatory conditions, such as acute myocardial infarction, radiocontrast nephropathy, stroke and cardiac arrest.
Radiant Medical, Inc.