WILMINGTON, Mass., Jan. 19 /PRNewswire/ -- CardioOptics, Inc., a medical device company developing and commercializing unique therapeutic catheter systems that allow doctors to see directly through flowing blood and inside the heart as they treat cardiovascular disease, announced it has completed a $26.5 million Series B financing. The round was led by new investor Novo A/S and joined by Investor Growth Capital, Inc., The Hillman Company, and Rockport Venture Partners, who are also new investors in the Company. Existing investors Cardinal Partners, Sequel Venture Partners and Primus Venture Partners all participated. As part of this financing, Jack B. Nielsen from Novo A/S and Stephen M. Campe from Investor Growth Capital have joined CardioOptics' Board of Directors.
(Logo: http://www.newscom.com/cgi-bin/prnh/20060119/NETH024LOGO )
Proceeds will be used primarily to commercialize CardioOptics' first product, the FDA-approved Coronary Sinus Access (CSA(TM)) System designed for vision-guided implantation of cardiac resynchronization therapy pacemakers to treat heart failure, and to complete development of the Company's novel therapeutic catheter ablation system to treat atrial fibrillation (AF). Both products incorporate the Company's proprietary infrared fiberoptic Trans-Blood Vision (TBV(TM)) technology.
"We are very pleased with the results of this oversubscribed financing and look forward to the extensive health care industry experience Jack Nielsen and Steve Campe bring to our team," said Todd F. Davenport, CardioOptics' President and Chief Executive Officer. "This is an exciting time for the Company as we begin to roll out the CSA(TM) System this quarter in the U.S. market and finish developing our next-generation AF catheter ablation system in preparation for clinical trials in 2007."
According to Novo's Jack Nielsen, "We are very excited by the potential of CardioOptics' platform technology to enable product breakthroughs for the electrophysiology, interventional cardiology and surgery markets. Combined with the exceptional operational capabilities of the management team to execute on commercialization and ongoing product development, we believe the Company will deliver important new therapies to a much broader range of patients suffering from cardiovascular disease."
Commenting on Investor Growth Capital's investment, Mr. Campe said, "CardioOptics recently has achieved critical technology milestones for the performance of its novel technology, culminating with FDA approval of its CSA(TM) System. It is a compelling investment for IGC due to the strength and versatility of this core technology and the growing clinical requirement for more precise and consistent cardiovascular therapeutic procedures."
This round follows a $7.5 million Series A in 2002 led by Cardinal Partners, the Company's largest shareholder. Cardinal's Brandon Hull, a CardioOptics director, said, "Our original investment was premised on the hope that CardioOptics' new technology could be developed into a Trans-Blood Vision product aimed at one or two commercially interesting applications. This outstanding team has not only delivered on the initial premise, but has created significant value by convincingly demonstrating that the revolutionary TBV(TM) technology is extensible into a wide range of extraordinary therapeutic markets."
CardioOptics, Inc. is a privately held company headquartered north of Boston in Wilmington, Massachusetts. The Company is developing and commercializing catheter-based systems for percutaneous treatment of cardiovascular disease. CardioOptics' products incorporate its patented Trans- Blood Vision (TBV(TM)) infrared fiberoptic technology. TBV(TM) allows doctors to see forward out the tip of a catheter through flowing blood and directly visualize intracardiac and intravascular anatomy in real time. CardioOptics has received 510(k) clearance to market the CSA(TM) System in the U.S. The Company's R&D facility in Boulder, Colorado is directed by Chief Operating Officer Larry O. Blankenship.
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, email@example.comCardioOptics, Inc.