ATLANTA, GA and CHATTANOOGA, TN, Sep 29, 2011 (MARKETWIRE via COMTEX) -- Atlanta Catheter Therapies, Inc. (ACT) has raised a total of $2.98 million in Series A equity financing through an investment consortium in Chattanooga, TN. ACT is an early stage research and development medical device company with a portfolio of innovative catheter technologies targeting vascular disease and restenosis.
The funds will be used for the development of medical devices in ACT's product pipeline with a focus on moving the Occlusion Perfusion Catheter(TM) (OPC), an intravascular agent delivery device, to out-licensing, as well as working capital and general corporate purposes.
"We are thrilled with the extremely positive reception ACT found in Chattanooga, and we are in the process of moving our headquarters to Main Street in Chattanooga as a result of our new partnerships," said Paul J. Fitzpatrick, CEO of ACT.
"The funding will accelerate progress with the commercialization of the OPC while also facilitating development of some of the other promising technologies in our pipeline."
The financing includes cash and the conversion of existing convertible notes to Series A Convertible Preferred stock. Following the closing on the initial $2.17 million, the remaining proceeds will be received in subsequent tranches. Funding came from ACT I Investments, LLC, a group of Chattanooga-based investors; the Chattanooga Renaissance Fund, a for-profit angel capital fund started and funded by Chattanooga business leaders; the Maclellan Foundation and its affiliates; the Medical Device Development Group (MDDG); and company principals. Additionally, the company qualified for and received a non-recourse loan from Chattanooga's InnovateHere and received support from the Chattanooga Neighborhood Enterprise (CNE).
About ACT Atlanta Catheter Therapies, an early stage research and development medical device company, has a portfolio of innovative catheter technologies targeting vascular disease and restenosis. ACT was founded in 2008 by Dr. Rex Teeslink, M.D., an interventional radiologist, Dirk Hoyns, a medical device engineer, and the Medical Device Development Group (MDDG). Paul J. Fitzpatrick joined the team as CEO in January 2009.
MDDG, which provided initial seed capital and senior management personnel for ACT, offers comprehensive commercialization for medical devices in Class 1 to Class 3 as well as skills that extend from product conceptualization, through prototyping and manufacturing, to order fulfillment. MDDG's proprietary business methodologies and processes have been proven to reduce time to market and enhance profitability.
SOURCE: Atlanta Catheter Therapies