SANTA CLARA, Calif.--(BUSINESS WIRE)--May 18, 2005--NovoStent Corporation, a medical device company that has developed a novel "anchored" helical stent technology to provide a wide range of vascular therapies, announced today that it had an initial closing on $9.65 million of new financing. The financing was led by Sanderling Ventures, and included Montreux Equity Partners, The Band of Angels Fund and Peninsula Equity Partners.
"This funding will allow our new stent platform to enter human clinical trials in both large and small vessels," said Michael Hogendijk, NovoStent's President and founder. "This round of financing would not have been possible without the efforts and progress made by the initial team and the support of our seed round investors. We are motivated by the confidence of our new investor group and their track record of supporting and building successful medical device companies."
NovoStent's proprietary stent and delivery system combine the ease of deployment of traditional slotted tube stents and the flexibility of helical stents producing a simple and accurate zero-foreshortening delivery. The Company's proprietary "anchor" and helical platform offers superior durability, flexibility and compression resistance in competitive or smaller crossing profiles. These features will be initially demonstrated in the superficial femoral artery (SFA) during the Company's first human trial.
Timothy Mills, PhD of Sanderling Ventures, and Howard Palefsky of Montreux will join Mr. Hogendijk and Chairman Paul Quadros of Tenex Greenhouse Ventures on the NovoStent Board of Directors. Tenex Greenhouse Ventures led the Company's seed round which closed in September, 2003 and included the Band of Angels Fund as well as individual investors from the Band of Angels, Tenex Medical Investors and the Sacramento Angels.
Nathan Weems, 408-235-1727
Source: NovoStent Corporation