SUNNYVALE, Calif., Aug. 30 /PRNewswire/ -- FlowCardia, Inc., a medical device company developing endovascular devices for coronary and peripheral chronic total occlusion (CTO) recanalization, today announced it has raised $30 million in Series C financing. Gilde Healthcare Partners led the financing, joined by new investors Life Sciences Partners, Hambrecht & Quist Capital Management LLC and New Science Ventures and existing investors Frazier Healthcare Ventures, JP Morgan Partners and Pappas Ventures. Rockport Venture Partners and Gold Hill Capital also participated in this round.
"FlowCardia has developed a simple, safe and effective device that has the potential to dramatically improve outcomes in the interventional treatment of coronary and peripheral CTOs," said Arthur Franken, Partner, Gilde Healthcare. "FlowCardia's CROSSER(TM) System has produced remarkable results in clinical trials conducted both in Europe and the U.S. in collaboration with some of the world's leading interventional cardiologists."
With their firm's investments, Arthur Franken, Fouad Azzam, General Partner, Life Sciences Partners and Frank Gentile, Senior Vice President, Hambrecht & Quist Capital Management will join the FlowCardia Board of Directors.
"This substantial round of funding will allow us to accelerate the commercialization of the FlowCardia CROSSER System in Europe and the U.S., taking advantage of the CE Mark and 510(k) regulatory approvals received in these markets," said Wick Goodspeed President and CEO of FlowCardia. "FlowCardia's innovative technology addresses a large unmet need in the Interventional Cath Lab and provides patients with CTOs the opportunity to have their coronary disease treated less invasively. We are pleased that our clinical results and commercialization plans have been validated by the continuing support of all of our existing investors and the addition of an impressive new group of sophisticated healthcare investors."
FlowCardia, Inc. is a privately held medical device company established in 2002 to design and manufacture safe and effective, endovascular CTO recanalization systems. Additional information is available on the Company's Web Site at http://www.flowcardia.com.
Gilde Healthcare Partners, a European investment firm with more than $360 million under management, invests primarily in early stage therapeutic, diagnostic and medical device companies. Additional information is available on Gilde's Web Site at http://www.gildehealthcare.nl.
CONTACT: Wick Goodspeed
President & CEO