ALAMEDA, Calif., Aug. 23 /PRNewswire/ -- AngioScore(TM), Inc., a developer of novel angioplasty tools, announced today the successful closing of its $15 million Series B financing. The round was co-led by the healthcare-focused venture capital firm Psilos Group Management and by California Technology Ventures. Other new investors include Innomed Ventures (the life science fund of Jerusalem Global Ventures), UV Partners and Linkagene. Joining the Company’s Board of Directors will be Lisa Suennen of Psilos Group, Gary Lazar, MD of California Technology Ventures, Dalia Megiddo, MD of Innomed, and Heidi Huntsman of UV Partners.
(Photo: http://www.newscom.com/cgi-bin/prnh/20040823/SFM011 )
The funds will be used to complete the US clinical trial and to initiate the worldwide product launch of the company’s flagship cardiology product, the AngioSculpt(TM) scoring catheter. The AngioSculpt scoring catheter is comprised of an angioplasty balloon surrounded by a unique system of nitinol struts that score arterial lesions as the balloon expands to open the target artery during angioplasty. It is designed for use on a routine basis in most predilatation cases. The catheter is designed to address the clinical need for a safer and more deliverable device that can treat complex lesions. Treatment of these lesions can be complicated by challenging anatomy that makes catheter delivery difficult, balloon slippage leading to “geographic miss,” elastic recoil and the need to use high pressures to open lesions. The AngioSculpt scoring catheter scores plaques without using the sharp blades that are employed in competitive cutting devices.
AngioScore recently completed a 45 patient European clinical study for the product and experienced 100% success with no major adverse events. The company anticipates receipt of the CE mark for the AngioSculpt scoring catheter in the third quarter of 2004. The AngioSculpt scoring catheter is potentially useful in over half of the 1.2 million angioplasties performed annually in the United States.
Lisa Suennen of Psilos Group Management commented, “The AngioSculpt scoring catheter is a significant advance over traditional angioplasty balloons, which have undergone relatively little innovation over the past 15 years. This management team has an excellent track record in the medical device arena and we have been very impressed by their progress to date, particularly the clinical results which have so far been achieved.” Added Ephraim Heller, AngioScore’s CEO, “I am delighted to welcome our new Board members, who bring extensive experience in the medical device industry. They will be a tremendous asset to AngioScore as we launch our first product and meet the considerable demand we have encountered for a better solution to addressing the more difficult angioplasty challenges that are all too often encountered in the cath lab.”
About AngioScore
AngioScore, Inc. (http://www.angioscore.com/) is an interventional cardiology company located in Alameda, California. The company’s first product is the AngioSculpt scoring catheter. AngioSculpt is an investigational device. AngioScore can be contacted at +1-510-263-0480 or info@angioscore.com.
This press release contains forward-looking statements that are based upon management’s current expectations and are inherently uncertain. Forward-looking statements are based upon information available to us as of the date of this press release and we assume no obligation to revise or update any such forward looking statement to reflect any event or circumstance after the date of this release. Actual results and the timing of events could differ materially from current expectations and from any forward-looking statements made by the company.
Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20040823/SFM011AP Archive: http://photoarchive.ap.org/PRN Photo Desk, photodesk@prnewswire.comAngioScore, Inc.
CONTACT: Ephraim Heller, CEO & Chairman of AngioScore, Inc.,+1-510-263-0480, ext. 101, or ephraim@angioscore.com
Web site: http://www.angioscore.com/
