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Valor Medical Closes $1.4 Million Convertible Debt and Receives ISO 13485 Certification



11/7/2008 7:42:08 AM

SAN DIEGO, Nov. 6 /PRNewswire/ -- Valor Medical, Inc., a medical device company that has developed a liquid embolic technology for the treatment of cerebral aneurysms, announced today that they have successfully raised $1.4 million in capital through a convertible debt offering. Valor's Chief Executive Officer, Clark Adams stated, "Valor's Board and shareholders had approved raising $1.4 million in capital that will be used to complete clinical trials needed for commercial approval in Europe. Reaching the $1.4 million limit went rather quickly and, unfortunately, could not accommodate all potential investors."

Valor also announced that they have received ISO 13485 certification. This certification is a major step toward commercialization in Europe. Mr. Adams explained that the ISO certification is needed before a medical device company can apply for the European CE Mark that must be received before they are allowed to sell product in Europe. Valor Medical expects to receive CE Mark late 2009 and will begin sales at that time.

"Clinical trial results to date have been positive and the reduction in surgery time is dramatic. The accumulated patient implant time to date has reached over 6.4 years," Mr. Adams announced. Valor Medical expects to sell product by the end of 2009 and will be raising additional capital as the company ramps up sales, marketing and distribution in Europe.

For additional information, visit Valor Medical's web site, http://www.valormedical.com

CONTACT: Clark Adams, CEO of Valor Medical, Inc., +1-858-643-1675

Web site: http://www.valormedical.com/


Read at BioSpace.com


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