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Mpathy Medical Secures Additional Funding


7/23/2008 6:20:43 AM

GLASGOW, Scotland--(BUSINESS WIRE)--Mpathy Medical, a rapidly growing medical device company which has developed and brought to market a range of surgical solutions used to restore pelvic health to women, announced today that it has secured a second round of equity funding. This funding has been provided by Archangel Informal Investment and Scottish Enterprise’s co-investment fund.

“The additional funding will support faster expansion in the US market,” said Ian Stevens, Chief Executive Officer, Mpathy Medical. “We believe that Mpathy Medical’s mesh products redefine surgical expectations for surgeons with simpler solutions, which offer high efficacy and low complication rates.”

Mpathy Medical was founded by Dr. James Browning, to develop a range of lightweight, implantable mesh products for the surgical repair of female urinary stress incontinence and pelvic organ prolapse. The launch of Mpathy Medical’s core product lines - Minitape® and Restorelle™ - took place in May 2008 and the company has seen sales grow rapidly since then.

“Mpathy Medical is well placed to make a significant impact in the high value women’s health market,” stated George Borthwick, Chairman, Mpathy Medical. “We are pleased that our investors are supporting the company to penetrate this market and deliver substantial revenue from our patented product lines.”

About Mpathy Medical

Mpathy Medical is a rapidly growing medical device company which has developed and brought to market a range of surgical solutions used to restore pelvic health to women. Mpathy Medical’s core product lines - Minitape® and Restorelle™ - are used by surgeons specializing in urogynecology, gynecology, and urology to treat female urinary stress incontinence and pelvic organ prolapse. Founded in 2003 by a surgeon, Dr. James Browning, Mpathy Medical supplies the only mesh surgical solutions designed specifically for the female anatomy. The mesh - branded Smartmesh™ - is a physiologically compatible, ultra lightweight polypropylene mesh which encourages superior collagen growth and works in concert with the patient’s own natural tissue for optimum safety and results. The company is headquartered in Glasgow, Scotland with US operations in Raynham, MA and has received 510(k) clearance to market by the FDA in the US and CE marking in the UK for all its medical devices. To learn more about Mpathy Medical, visit www.mpathymedical.com.

About Archangel Informal Investment

Archangel Informal Investment is Scotland’s leading Business Angel Syndicate. Originally formed in 1992 and based in Edinburgh, the syndicate now comprises around 100 investor members and invests c. £9m per year in early stage Scottish companies. To learn more, visit www.archangelsonline.com.

Contact:

Mpathy Medical Karen Whelan, 866-319-8820 Communications Manager kwhelan@mpathymedical.com

Source: Mpathy Medical


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