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Celleration, Inc. Completes $30 Million Financing

8/7/2008 9:35:24 AM

Proceeds to Fund Expansion of Celleration’s Commercialization Efforts

EDEN PRAIRIE, Minn.--(BUSINESS WIRE)--Celleration, Inc., developer of the patented MIST Therapy® System, an innovative ultrasound wound healing device that promotes healing through cellular stimulation while removing bacteria from the wound, has successfully completed its Series D financing raising $30 million. Venture Investors co-led the round with Heron Capital and Clarian Health Ventures. Other participants in this round included existing investors AAVIN Equity Partners, Affinity Ventures, Baird Venture Partners, CID Equity Capital, New Science Ventures, Prism Opportunity Fund, Seneca Health Partners, Triathlon Medical Ventures, Tyco Sigma Limited and Upper Lake Growth Capital. New investors included Clarian Health Ventures, Heron Capital and HMA Capital. JMP Securities served as placement agent for the financing.

“We are pleased to have such a strong group of investors supporting our company,” said Kevin Nickels, president and CEO of Celleration. “This is a positive endorsement for Celleration and the MIST Therapy® System. The growing body of clinical evidence on MIST Therapy has exceeded our expectations, and is changing the treatment paradigm for difficult-to-treat wounds.”

Celleration will use proceeds from this financing round to expand and accelerate its sales and marketing efforts to make the MIST Therapy System an integral part of the standard of care for the treatment of chronic and hard-to-heal wounds. More than 15,000 patients have been treated with the MIST Therapy System at 700 sites across the United States. The benefits of the therapy have been highlighted in seven peer-reviewed publications to date, documenting the technology’s impact on healing wounds faster.

George Arida of Venture Investors and Kevin Etzkorn of Heron Capital are joining the Celleration Board. “We are delighted to lead this round of financing, which will provide the company with growth capital to fully address this huge market opportunity,” said George Arida, managing director of Venture Investors. “It is not often that a company introduces a new treatment modality that can fundamentally change expectations in terms of clinical outcomes, especially in wound care. Our goal is to reach more patients in more care settings and make a difference in their lives.”

“We were particularly attracted to the caliber of Celleration’s management team and the clinical body of evidence supporting the effectiveness of the MIST Therapy® System. We look forward to working with Celleration to expand MIST’s clinical use in the marketplace and leverage Clarian’s clinical expertise to advance new medical technology,” said Kevin Etzkorn, managing director of Heron Capital and Kyle Salyers, director of Clarian Health Ventures.

About Celleration, Inc.

Celleration, Inc., a privately held medical device company, was founded in 1999 to develop and commercialize its therapeutic ultrasound platform. The patented MIST Technology utilizes low-intensity ultrasonic sound waves to produce an energized mist of sterile saline in a non-contact fashion. Critical to the Company’s strategy is on-going clinical and scientific research to provide evidence supporting the efficacy of this new technology. The Company’s initial focus has been on the chronic diabetic foot ulcer market. It recently completed a prospective, randomized, double-blind, sham-controlled multi-center study in diabetic foot ulcers, which resulted in a statistically significant improvement in the rate of wound closure and time to wound closure. (

About Venture Investors LLC

Venture Investors is a venture capital firm with $200 million under management. The firm invests in seed and early-stage life science and technology companies in the Midwest, with a primary focus on opportunities that spin out of the region’s leading research universities. Formed in 1982, Venture Investors has offices strategically located next to the country’s third and fourth largest research institutions in Ann Arbor, Mich., and Madison, Wis. (

About Heron Capital

Heron Capital, a venture capital firm headquartered in Indianapolis, Indiana, is dedicated to investing in companies focused on the life sciences, including medical devices, diagnostics and tools. The firm is advised by a world-renowned network of scientists and physicians, as well as entrepreneurs and leaders of national and multinational corporations. The mission of the Fund is to identify and invest in companies with great commercial potential, strong intellectual property and the highest quality management. ( Contacts

Celleration, Inc. Kevin L. Nickels, 1-866-307-MIST President and Chief Executive Officer or Chris Geyen, 1-866-307-MIST Chief Financial Officer

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