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Spirus Medical, Inc. Raises $8.5 Million in Preferred Equity Financing



4/19/2007 10:23:03 AM

STOUGHTON, Mass., April 18 /PRNewswire/ -- Spirus Medical, Inc. (www.spirusmed.com), a leading developer of diagnostic and therapeutic advancement systems for gastroenterology, urology and gynecology, announced today that it has raised $8.5 million in Series B Convertible Preferred Stock financing. BioVentures Investors, Point Judith Capital and Village Ventures, along with a group of accredited individual investors, participated in the financing.

"This financing will allow us to continue to commercialize our innovative EAS(TM) platform technology for a growing array of applications," said Steve Tallarida, Spirus Medical president and chairman.

Spirus Medical has developed a revolutionary Endoluminal Advancement System (EAS(TM)) that uses a soft spiral component, fixed on an active, flexible overtube to facilitate a more efficient approach to endoscopy. In November 2006, Spirus Medical launched its first two products for colonoscopy; the Endo-Ease Advantage(TM) and the longer Endo-Ease Vista(TM). In December 2006, the company received the CE Mark, allowing it to market its colonoscopy products in Europe.

Spirus Medical also has received 510(k) clearance for its EndoEase Discovery(TM) SB product for enteroscopy and will launch that product later this year.

"Endoscopic access to the small bowel remains a tedious and lengthy procedure, and Spirus has developed a solution that will be a significant improvement over current technology. We believe the Endo-Ease Discovery SB represents a major breakthrough, enabling physicians to easily visualize and provide therapy to the small bowel using a conventional enteroscope," said Marc Goldberg, managing director of BioVentures Investors.

Spirus Medical, Inc., headquartered in Stoughton, Mass., was incubated and founded in 2005 by STD Med, Inc., a Stoughton-based manufacturer and developer of medical technologies. In addition to Spirus, other companies that began at STD Med are Angiolink Corporation, Arthrosurface Incorporated, and Cardiosolutions, Inc. For more on Spirus Medical, visit www.spirusmed.com

Spirus Medical, Inc.

CONTACT: Tony Resendes, Vice President of Marketing of Spirus Medical,Inc., +1-781-297-7220


Read at BioSpace.com


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