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AngioScore, Inc. Announces Completion of $12 Million Financing



4/21/2011 7:09:08 AM

FREMONT, Calif.--(BUSINESS WIRE)-- AngioScore, Inc. announced today the successful completion of a $12 million private equity financing. The financing was led by Saints Capital as a new institutional investor. The company’s existing institutional investors include Psilos Group Managers, Telegraph Hill Partners, QuestMark Partners, Pelion Venture Partners, California Technology Ventures and Innomed Ventures.

Upon the close of the financing, Scott Halsted, Managing Director of Saints Capital, was named to the AngioScore Board of Directors.

“We are very pleased that Saints Capital has agreed to join our investor group, and we welcome Scott Halsted to our Board of Directors,” said Lisa Suennen, Managing Director of Psilos and Chairman of AngioScore’s Board of Directors. “Scott has considerable experience with medical device companies and, in particular, with companies in the Interventional Cardiology business.”

“Funds from this financing will be used to continue the development of several exciting new product development programs as well as further enhance AngioScore’s considerable revenue growth over the last several years,” said Thomas R. Trotter, president and CEO of AngioScore. “The new product development programs include three that are generating especially notable interest in the physician community: a 100mm AngioSculpt Scoring Balloon Catheter for treating peripheral artery disease; a Drug Coated AngioSculpt Scoring Balloon Catheter; and a specially designed AngioSculpt Scoring Balloon for Valvuloplasty and facilitation of Trans Aortic Valve Implantation (TAVI) procedures. These potential new products are targeted at the fastest-growing segments of the Interventional Cardiology and Structural Heart Disease business.”

Trotter added, “AngioScore has received regulatory clearance to market both Coronary and Peripheral AngioSculpt Catheters in the U.S., Europe and Japan. With well over 3 million angioplasty procedures performed annually worldwide for the treatment of both coronary and peripheral artery disease, we believe the market opportunity for AngioSculpt catheters is very significant. AngioSculpt Scoring Balloon Catheters have now been used in more than 100,000 procedures worldwide and have proven very effective in the treatment of both coronary and peripheral artery disease.”

“Saints is delighted to lead this round of financing and to be joining the AngioScore investor group,” said Scott Halsted.” We believe that the AngioSculpt has the potential to achieve widespread acceptance as an important new product for physicians worldwide. In addition, the company’s management team has an outstanding track record of success in the medical device marketplace.”

About AngioScore

AngioScore, Inc (www.angioscore.com) is a privately held endovascular company located in Fremont, California. AngioScore can be contacted at (510) 933-7900 or info@angioscore.com

The AngioSculpt® Percutaneous Transluminal Coronary Angioplasty (PTCA) Scoring Balloon Catheter received FDA Pre-market Application (PMA) Approval for the treatment of hemodynamically significant coronary artery stenosis, including in-stent restenosis and complex type C lesions, for the purpose of improving myocardial perfusion.

The AngioSculpt Percutaneous Transluminal Angioplasty (PTA) Scoring Balloon Catheter received 510(k) clearance for dilatation of lesions in the iliac, femoral, ilio-femoral, popliteal, infra-popliteal, and renal arteries, and for the treatment of obstructive lesions of native or synthetic arteriovenous dialysis fistulae.

Note: This press release contains forward looking statements that are based upon management’s current expectations and are inherently uncertain. Actual results and timing of events could differ materially form current expectations and forward-looking statements.

Contact:

AngioScore, Inc. Thomas R. Trotter, CEO 510-262-0480


Read at BioSpace.com


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