Accumetrics, Inc. Raises $8.25 Million In Series C Financing

SAN DIEGO, Feb. 8 /PRNewswire/ -- Accumetrics, Inc., a privately held medical device company and maker of the VerifyNow(R) family of diagnostic tests that measure platelet function, today announced that the company has raised $8.25 million in its Series C financing. The syndicate of investors was led by RiverVest Venture Partners. Also participating in the round were new investor Kaiser Venture Partners and previous major investors including Essex Woodlands Health Ventures, KB Partners, PTV Sciences, and a private corporate investor.

"The ability to rapidly and easily assess platelet function in patients who have been administered powerful antiplatelet agents is an important unmet clinical need for the effective management of millions of patients with cardiovascular disease. The VerifyNow System fulfills this unmet need and will lead to better patient management," said Dennis Wahr, MD, a partner at RiverVest Venture Partners.

"We are excited about the addition of our new investors to an already strong syndicate of investors in the medical device arena," said Robert S. Hillman, president and Chief Executive Officer of Accumetrics. "These proceeds give us the resources to build on the momentum of the recent FDA approval of the VerifyNow P2Y12 assay, advancing our efforts to raise awareness of the importance of measuring platelet function."

The company's VerifyNow family of diagnostic tests evaluate platelet function and patient response to antiplatelet drugs, including aspirin and Plavix(R) (clopidogrel), two of the most important and widely-used therapies in the prevention and treatment of cardiovascular disease. In addition, there is a VerifyNow test for ReoPro(R) (abcimixmab) and Integrilin(R) (eptifibatide), both GP IIb/IIIa inhibitors, which are injectable antiplatelet drugs used in conjunction with coronary artery procedures. The FDA-cleared tests are reimbursed by Medicare and can be performed in the hospital laboratory and physician's office.

Non-responsiveness to aspirin and other antiplatelet agents, often called "aspirin resistance" or "antiplatelet resistance," and their related risks have recently become a subject of much attention in the medical community. Millions of Americans rely on antiplatelet therapy, including daily aspirin, to prevent heart attacks, stroke and other vascular events, yet their response to these drugs vary widely. A growing body of evidence shows many of these patients may not be adequately protected by these drugs' antiplatelet effects and this could potentially lead to increased adverse outcomes.

Accumetrics' lead product, the VerifyNow Aspirin test, is a quick, inexpensive blood test that enables physicians to determine a patient's response to aspirin and to identify patients who are not adequately responding, and thus are potentially at significantly higher risk for life-threatening cardiovascular events.

The company's newest product, the VerifyNow P2Y12 test, was recently cleared by the FDA and measures the effects of Plavix, a prescription antiplatelet therapy taken by millions of Americans for the prevention of heart attack or stroke.

Dr. Christopher P. Cannon, associate professor of medicine at Harvard Medical School, commented on two important clinical scenarios where the VerifyNow P2Y12 assay might be utilized. One situation where it will be helpful will be in the patient scheduled for coronary artery bypass surgery (CABG). "Having information about clotting status allows us to proceed with the operation the day that function returns to normal, rather than routinely waiting five days in every case. This could dramatically reduce surgical delays for patients taking clopidogrel," said Dr. Cannon.

Another situation where routine monitoring of platelet inhibition with clopidogrel will likely be used is after percutaneous coronary intervention (PCI). Dr. Cannon explained that patients could be tested the day after a PCI, and those who were "low responders" could be sent home on a higher dose of clopidogrel (75 mg twice daily). "There have been case reports of this working, and it makes perfect sense. Hopefully we will see larger studies of this approach, with outcome data to establish whether this would further enhance the efficacy of clopidogrel," he added.

"We don't prescribe other drugs and just assume they're working," said Dr. Daniel Simon, associate director of interventional cardiology at Boston's Brigham and Women's Hospital and associate professor of Medicine at Harvard Medical School. "We test for the effects of cholesterol drugs and blood pressure drugs and the anticoagulant Warfarin. We need to start developing a similar paradigm for antiplatelet therapies such as aspirin and Plavix."

About Accumetrics (www.accumetrics.com)

Accumetrics develops, manufactures, and markets the VerifyNow(R) System, a comprehensive system for the assessment of platelet function. Modulation of platelet function plays a critical role in effectively treating cardiovascular, cerebrovascular, and peripheral vascular disease. VerifyNow provides doctors with an easy to use, automated, rapid and accurate way to monitor platelet function to optimize the effectiveness of antiplatelet therapies and to guide treatment decisions in patients who may be at risk of bleeding complications. Accumetrics markets VerifyNow(R) tests for aspirin, Plavix(R) and GP IIb/IIIa inhibitors.

Plavix(R) is a registered trademark of Sanofi-Synthelabo. ReoPro(R) is a registered trademark of Eli Lilly and Company. Integrilin(R) is a registered trademark of Schering Plough Corporation. Contact: Kiera Kelly, K2PR 773.975.3538 or 773.531.3600 kiera.kelly@k2-pr.com

Accumetrics, Inc.

CONTACT: Kiera Kelly of K2PR, +1-773-975-3538, or +1-773-531-3600,kiera.kelly@k2-pr.com, for Accumetrics, Inc.

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