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Coherex Medical, Inc. Closes $16.5 Million Series B Preferred Stock Financing


8/20/2009 7:51:55 AM

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SALT LAKE CITY--(BUSINESS WIRE)--Coherex Medical, Inc. today announced that it has closed a $16.5 million Series B Preferred Stock financing. After the close of this investment, Coherex has now raised nearly $28.0 million in equity financing from outside funding sources since inception.

vSpring Capital and Oxford Bioscience Partners were co-lead investors on this financing, and both venture capital firms participated in Coherex’ prior Series A Preferred Stock financing. Also joining vSpring and Oxford in Coherex’ Series B financing were Tullis Health Investors, a leading venture capital firm focused on the healthcare industry, and a strategic investor.

“I am pleased to announce today that Coherex Medical™ has closed its Series B financing, particularly given today’s challenging economic times,” said Richard J. Linder, Coherex president and CEO. “This is a solid example of the quality of the Coherex team and our success in developing the Coherex FlatStent™ EF PFO Closure System, a technology that represents a significant advancement in the treatment and repair of patent foramen ovale, a common heart defect.”

Coherex announced in June that the Coherex FlatStent EF was the first “in-tunnel” device to receive CE Mark clearance for closing Patent Foramen Ovale (PFO), a heart defect found in approximately 20 percent of the worldwide population.

“We believe that PFO closure represents a significant market opportunity, and we are confident that Coherex Medical has developed the next generation device for PFO closure with its Coherex FlatStent,” said Dinesh Patel, Ph.D., vSpring managing partner and Coherex board member. “In addition, we believe Coherex is establishing itself as a leading structural heart company, and as a result, we are excited to invest again in Coherex, its technologies and its people.”

“Coherex Medical is one of the most promising medical device companies we have found in the world,” said Jeff Barnes, general partner of Oxford Bioscience Partners and Coherex board member. “Not only does Coherex have superior technology addressing substantial market opportunities, its senior executives have been down this path before. They’ve designed innovative medical devices, navigated the regulatory process, and taken products to the marketplace. We believe that the combination of a talented and experienced management team coupled with world class technology almost always leads to market success.”

About Patent Foramen Ovale (PFO) Heart Defects

A foramen ovale is a tunnel-like opening between the upper chambers of the heart that allows blood to bypass the lungs while a fetus is in the womb. Normally, the foramen ovale closes soon after an infant is born. However, if this opening fails to close naturally after birth, the opening is said to remain patent and the condition is called a patent foramen ovale (PFO) – a common heart defect that occurs in approximately 20 percent of the population.

Under certain conditions, a PFO may allow blood to bypass the lungs and shunt directly from the right side of the heart to the left. Since the lungs normally filter all blood flowing through the body, such shunting may allow unfiltered blood clots and other components to travel directly to the brain or other regions of the body.

About Coherex Medical

Formed in 2003, Coherex Medical is focused on addressing structural heart disease and conditions through the development of innovative medical devices. For more information, please visit www.coherex.com or call 801-433-9900.

About Oxford Bioscience Partners

Oxford Bioscience Partners is one of the largest venture capital firms focused exclusively in the life science sectors. With approximately $1 Billion under management and 13 investment professionals, Oxford has invested in and provided management assistance to well over 100 start-up, early and mid-stage companies.

About vSpring Capital

vSpring Capital (www.vspring.com) is an early-stage venture capital firm with approximately $400 million under management. With offices in Utah and New Mexico, vSpring invests in information technology and life science companies that have the potential to transform their markets and create lasting value.

About Tullis Health Investors

Tullis Health Investors provides venture capital to small and mid-sized health care companies at all stages of growth. Based in Stamford, Connecticut, the firm was founded in 1986 and has raised four health care focused venture capital funds. For more information on Tullis Health Investors and its portfolio companies, please visit the firm's Website at www.thi-funds.com.

Coherex Medical and Coherex FlatStent are trademarks of Coherex Medical, Inc. All other trademarks are the properties of their respective owners.

Contact:

Coherex Medical Trent Loveless, 801-433-9900 tloveless@coherex.com or Politis Communications David Politis, 801-523-3730(w) 801-556-8184(c) dpolitis@politis.com


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