PALO ALTO, Calif.--(BUSINESS WIRE)--Ardian, Inc., developer of a breakthrough catheter-based medical device to treat hypertension, announced today that Medtronic, Inc. (NYSE:MDT - News), one of the world's leading medical technology companies, has led a $47 million financing of the company. Joining Medtronic are Ardian's three existing investors: Advanced Technology Ventures, Morgenthaler Ventures and Split Rock Partners, as well as new investor Emergent Medical Partners.
Hypertension, which affects approximately one-third of the developed world's adult population, significantly increases the risk of heart attack, stroke, heart failure and chronic kidney disease. It is the single most common contributor to death worldwide. Surprisingly, only 35% of hypertensive patients are satisfactorily controlled with medication. A major contributor to the development and perpetuation of hypertension is hyper-activation of the sympathetic nervous system. Ardian’s Symplicity® Catheter System™ disrupts the renal sympathetic nerves by means of a straightforward 40-minute procedure, thereby reducing sympathetic activation and hence blood pressure.
“We are thrilled to have attracted this strong team of investors and appreciate the confidence they have shown in funding the development of this clinically important technology,” said Andrew Cleeland, President and CEO of Ardian. “We are particularly encouraged to have Medtronic as a new partner, and see their investment as a validation of our exceptional early clinical results, as well as the potential of our treatment for such a pervasive and complex disease.”
Commenting on the investment by Emergent Medical Partners, led by Dr. Thomas J. Fogarty, Cleeland said: “Dr Fogarty is a legend in the cardiovascular field, and having him make an investment speaks volumes for the promise of this technology.”
“Closing this financing with such great strategic partners would be impressive in the best of times, and in this difficult financial environment it is even more so," said Mike Carusi, General Partner at Advanced Technology Ventures. “The Board of Directors is very pleased with Ardian’s ongoing evolution and looks forward to continued success.”
Regarding another important milestone for the company, Cleeland noted that Professor Henry Krum of the Alfred Hospital/Monash University in Melbourne, Australia, is to present the early clinical experience with Ardian’s Symplicity® Catheter System™ at the upcoming American College of Cardiology’s Annual Meeting (ACC.09) in Orlando, Florida. This presentation will be part of a late-breaking clinical trials session scheduled for 9:15 am, on March 30, 2009.
Hypertension (high blood pressure) is the leading attributable cause of death worldwide. In the United States alone, high blood pressure affects approximately 73 million people only two thirds of whom are treated. Close to half of all people with hypertension in treatment are not currently reaching their target blood pressure. Each incremental 20mmHg increase of systolic blood pressure above normal levels is associated with a doubling of cardiovascular mortality over a ten-year period.
Ardian, Inc., headquartered in Palo Alto, California, is a pioneering private, clinical-stage medical device company developing a novel catheter-based treatment for hypertension, chronic kidney disease and heart failure; three interdependent disease states that represent a significant, escalating global health issue. Ardian is the eighth company created by The Foundry, a leading medical device incubator based in Menlo Park, California. For more information about the Symplicity® Catheter System™, Ardian or clinical trials, please visit www.ardian.com.
Andrew Cleeland, 650-496-5545
President and CEO
The Gibson Network
Tom Gibson, 216-320-1520 (Media)
Ellen M Martin, 510-832-2044 (Media)