MINNEAPOLIS, Jan. 23 /PRNewswire/ -- BridgePoint Medical, Inc., a private company developing innovative and proprietary technology in the field of interventional cardiology for crossing coronary and peripheral chronic total occlusions (CTO) announced today that it has completed its second round of private equity financing totaling approximately $10 million. Participants in the round include new investor Foundation Medical Partners and existing investors Michael Berman, New Enterprise Associates and Polaris Venture Partners.
Commenting on the financing, Michael Berman, BridgePoint Chairman said, “We appreciate the confidence and support of Foundation Medical Partners, NEA and Polaris and look forward to working with clinicians to improve the treatment of patients with Chronic Total Occlusions.”
Annually 1.3 million world wide patients could benefit from BridgePoint’s CTO technology. Interventional cardiologists are currently unable to broadly treat patients with chronic total occlusions which comprise approximately one third of all patients diagnosed with coronary artery disease. For these patients, the common alternative is open heart bypass surgery or palliative care. Chad Kugler, BridgePoint’s President and General Manager stated, “We believe BridgePoint’s technology will enable interventional cardiologists to offer a fast, safe and effective therapy to an underserved patient population, while reducing the need for invasive surgery or life long medical management.”
In conjunction with the series B financing, Andrew Firlik, General Partner at Foundation Medical Partners has joined the BridgePoint board of directors. Existing board members include Michael Berman, John Nehra, Special Partner at New Enterprise Associates, and Brian Chee, General Partner at Polaris Venture Partners.
About BridgePoint Medical
BridgePoint Medical, Inc. is the first spin out from the medical device incubator Prospex Medical Inc. founded in 2005 by Michael Berman, Robert Atkinson, and Chad Kugler. BridgePoint Medical, Inc. is a privately owned development stage company headquartered in Minneapolis, Minn. To date, with the inclusion of funds raised for the incubator Prospex, BridgePoint has raised approximately $12.5 million through two rounds of financing.
About Investors
Foundation Medical Partners is a national, independent venture capital investment firm focused exclusively on health care opportunities. The firm has a special interest in medical devices, biopharmaceutical products, diagnostics, and health care services and information systems. Foundation Medical Partners invests in ventures that demonstrate the capability to improve the practice of medicine and human health. In so doing, Foundation Medical Partners generates long-term capital gains for our investors and our management teams. Foundation has headquarters in Rowayton, Connecticut.
New Enterprise Associates (NEA) is a leading venture capital firm focused on helping entrepreneurs create and build major new healthcare and information technology enterprises. Practicing classic venture capital for over 25 years, NEA focuses on early stage investments, playing an active role in assisting management to build companies of lasting value. With $8.5 billion under management, NEA has offices in Reston, Virginia, Menlo Park, California and Baltimore, Maryland.
Polaris Venture Partners is a partnership of experienced venture capital investors and executives who help entrepreneurs build market-leading companies in life sciences and information technology. The firm was founded in 1996 and manages over $3 billion. Polaris has offices in Boston and Seattle.
Source: BridgePoint Medical, Inc.
