ViOptix Raises $12.2 Million in Series D Financing
Published: Jan 11, 2008
FREMONT, Calif., Jan. 10 /PRNewswire/ -- ViOptix Inc. announced today that it has raised $12.2 million in a Series D round of financing. The round was led by Channel Medical Partners, a leading venture investor in emerging growth medical technology companies. This latest round of financing brings the total amount raised by the company, since its inception in 1999, to approximately $28.7 million.
In addition to Channel Medical Partners, other investors include Lincoln Funds International and existing investors Canadian Medical Discoveries Fund and Morningside Technology Ventures Limited. In conjunction with this financing, W. Gregory Shearer, Founder and Principal of Channel Medical Partners, will join the ViOptix Board of Directors. Merriman Curhan & Ford served as financial advisors to ViOptix.
"I am pleased by the interest in ViOptix and thank our new investors, as well as current shareholders for their on-going support," said Larry C. Heaton II, President, Chief Executive Officer and Chairman of ViOptix. "ViOptix has made significant progress during the past year in commercializing its products for reconstructive microsurgery. I look forward to working closely with our investor group as we collaborate to build a strong business in tissue oximetry."
Proceeds from the financing will be used to develop and launch additional clinical applications from the core platform technology and expand the Company's presence in the microsurgery market. Funding will also support the Company's clinical trials program, in-licensing activities and international expansion.
"ViOptix' use of near infrared technology and proprietary algorithms to measure oxygen saturation in local tissue gives the clinician the opportunity to avert serious adverse clinical outcomes before symptoms are detectable by any other means," said Dr. Gerald Chan, Managing Director of Morningside Technology Advisory, LLC. Morningside is a founding and leading investor in ViOptix.
"ViOptix is positioned well for growth with its platform technology which lends itself to the development of numerous products with multiple pathways for commercialization. We look forward to working with the Company at this exciting time," commented Gregory Shearer, Principal and Founder of Channel Medical Partners.
Dr. Michael Cross, Senior Vice President for Jove Investment Management, a major investor in ViOptix Inc. through its Canadian Medical Discoveries Fund, remarked, "Tissue oximetry technology has broad applications in healthcare, but we are still in the early stages of applying the technology to the many potential clinical indications. ViOptix is well along its way to commercial success with its initial application of tissue oximetry technology for reconstructive microsurgery, and has many additional opportunities for new clinical applications to bring to market."
About ViOptix Inc.
ViOptix Inc. develops, manufactures and markets innovative proprietary products for tissue oximetry, measuring oxygen saturation levels in tissues. The Company's products and products under development consist of near infrared generators and single-use disposable sensor devices. Its first product, the ODISsey System, received U.S. Food and Drug Administration clearance in January 2005 for the measurement of localized tissue oxygenation levels for critical care applications. For more information on the Company or its products, visit the Company's website at http://www.vioptix.com.
About Canadian Medical Discoveries Funds
The Canadian Medical Discoveries Funds (CMDF) is a labour-sponsored venture capital investment fund (LSIF). Established in 1994, CMDF is Canada's most mature health sciences LSIF specifically targeting biotechnology, pharmaceuticals, diagnostics, medical devices and imaging products and other special life sciences opportunities. Together the funds have approximately $200 million in managed assets and have venture capital investments in more than 30 companies involved in health sciences, biotechnology, diagnostics, medical devices, drug discovery and development, health care delivery services and e-health. CMDF offers investors long-term performance potential, 100% RRSP-eligibility and, through its labour-sponsored investment fund structure, eligibility for substantial tax credits. For further information, please contact Canadian Medical Discoveries Fund at (416) 601-2435, or contact via e-mail at firstname.lastname@example.org.
About Channel Medical Partners
Channel Medical Partners is a leading emerging growth investor in medical technology companies. This stage of financing has historically represented a narrow channel or bottleneck for emerging growth companies - the point in their development between the substantial capital provided by earlier stage venture capital investors and that provided by institutions focused primarily on public companies. The firm has a demonstrated record of success in not only providing capital, but in enabling and ensuring the commercial success of its portfolio companies. The Principals at Channel believe that the commercialization process has emerged as a critical activity at venture-backed companies and that their success has, in part, been driven by this trend. For more information, please visit http://www.chanmed.com.
About Morningside The Morningside group is a diversified investment group founded in 1986 by the Chan family which is the controlling shareholder of the Hang Lung Group in Hong Kong. Morningside is engaged in both private equity and venture capital investments in North America, Europe and across Asia Pacific. In recent years, leveraging on its experience investing in biotechnology companies in North America, Morningside has become the leading investor in the life science sector in China.
CONTACT: Larry C. Heaton II, President and Chief Executive Officer of
ViOptix Inc., +1-510-226-5860, ext. 202, heatonl@ViOptix.com
Web site: http://www.vioptix.com/