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Velomedix, Inc. Closes $10.2 Million in Series B Funds, Adds CEO and VP


2/8/2012 7:21:04 AM

MENLO PARK, Calif.--(BUSINESS WIRE)-- Velomedix, Inc, a development stage medical device company advancing the clinical field of Therapeutic Hypothermia, announced the closing of $10.2 million in Series B financing and the appointment of medical device veteran Jeffrey (Jeff) Gold as the company’s Chief Executive Officer and Michael Moore as the Vice-President of Operations.

Velomedix is accelerating the paradigm shift in the management of patients suffering from cardiac arrest and, potentially, those suffering from acute myocardial infarction (AMI or heart attack) and stroke. The company’s initial clinical trial, CAMARO, enrolled cardiac arrest patients at multiple sites in the European Union (EU). The clinical results demonstrated unprecedented positive neurologic outcomes in patients surviving cardiac arrest, as compared to clinical data published in peer-reviewed papers. Proceeds from the company’s recent financing will be used to initiate a post-CE Mark trial in support of EU commercialization and obtain U.S. Food and Drug Administration approval for a clinical study in the United States.

“Without question, I feel Velomedix’s technology is the most exciting device I have worked with,” stated Kees Polderman, MD, CAMARO Principal Investigator and Medical Director of Neurocritical Care Services at the University of Pittsburgh Medical Center. “It definitely has the potential to significantly change and broaden the scope of hypothermia treatment to much larger patient groups, specifically myocardial infarct and stroke patients, but perhaps also patients with traumatic brain injury.”

“The therapeutic benefits of induced hypothermia are well documented in clinical literature,” commented Mr. Gold. “However, market adoption of hypothermia devices has lagged because, until now, there has been no single technology that could solve the thermodynamic challenge of therapeutic cooling to 33°C in a safe, user-friendly and effective manner, while simultaneously fitting within mandated hospital 'time-to-treatment' standards associated with cardiac arrest, AMI, and stroke. With a solid technology platform, funding from premiere venture capital firms, and an experienced leadership team, I am optimistic about the role Velomedix will play in accelerating the use of Therapeutic Hypothermia in these growing underserved markets.”

“By offering rapid cooling and significantly improved set-up times, we feel we are well positioned to excel in the cardiac arrest market and unlock the AMI market,” added Griff Tully, MD, Velomedix’s Vice-President & Chief Medical Officer.

Concurrent with the closing of its Series B financing, Velomedix’s Board of Directors appointed Mr. Gold as the company’s President & CEO on a permanent basis. Previously Mr. Gold was the Interim CEO of Velomedix and a Venture Partner of Longitude Capital. As Interim CEO, Mr. Gold played a critical role in strengthening Velomedix’s position in the emerging Therapeutic Hypothermia market.

Prior to Velomedix, Mr. Gold has held numerous senior executive positions including CEO of CryoVascular Systems which was acquired by Boston Scientific Corporation and COO and Executive Vice President of CardioThoracic Systems which was acquired by Guidant Corporation. Previous to CTSI, Mr. Gold spent 18 years with Cordis Corporation and was the Co-founder and President of Cordis Endovascular Systems. Mr. Gold holds an M.B.A. from the University of Florida and a B.S. in Engineering from Northeastern University, and is a graduate of GE's Manufacturing Management Program.

Joining Mr. Gold, Velomedix is pleased to also announce the addition of Michael Moore as Vice President of Operations. Mr. Moore has 18 years of experience in medical device development and product realization. Most recently, Mr. Moore served as VP of Operations for MRI Interventions (formally SurgiVision), prior to which he was the Chief Technical Officer for Bolton Medical, Inc. Previously, Mr. Moore served as Director of R&D and Operations for AVE, Peripheral Vascular, a division of Medtronic, Inc., and held various operations and product development roles at Cordis Corporation and DePuy Orthopedics. He holds a BSME from Purdue University.

About Velomedix, Inc.

Based in Menlo Park, California, Velomedix, Inc. is a development stage medical device company created to realize the clinical potential of mild Therapeutic Hypothermia in benefiting patients suffering from ischemic and reperfusion injury effects of cardiac arrest, heart attack, stroke, and trauma brain injury.

For additional information, please visit www.velomedix.com

Contact:

Velomedix, Inc.

Jeffrey G. Gold, 650-330-7314

President & CEO

jgold@velomedix.com




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