MOUNTAIN VIEW, Calif., June 23 /PRNewswire/ -- Cardiva Medical, Inc., a privately held medical device company, announced today it has closed an $8.3 million Series B financing. Cardiva's focus is on developing and commercializing vascular closure devices with unsurpassed safety and ease-of-use when compared to existing closure options. The financing was lead by Stockton Partners, Inc.; and included existing investors Sycamore Ventures, Harbinger VC Corp., and W.I. Harper Group.
"The completion of this financing, with such a well-respected investor group is a significant milestone for us," commented Augustine Lien, Founder, Chairman and Chief Executive Officer of Cardiva. "The high level of interest we received from investors further validates the strength of our business model, the innovation of the Boomerang technology, and the ability of the management team to execute its business plan."
"We think that Cardiva and its Boomerang technology have the ability to become the market leader in vascular closure," said Ken Goldman, M.D., managing director of Stockton Partners. "This financing will allow Cardiva to continue its rapid sales growth in the U.S. and accelerate the introduction of its new products to the marketplace." Dr. Goldman will be joining the Cardiva Board, bringing the total number of directors to six.
Sylvia Liu, DVM, general partner at Sycamore Ventures, commented, "Stockton Partners will add tremendous transactional expertise to the Board, which will be important as Cardiva moves forward." Dr. Liu further noted, "With the support from Cardiva's Medical Advisory Board of leading physicians, the seasoned management team at Cardiva has done an excellent job in developing and commercializing the Boomerang technology, which has directly led to the success of this financing."
The Boomerang ClosureWire device has been cleared by the U.S. Food and Drug Administration to assist clinicians in closing femoral artery puncture sites following the most common percutaneous procedure, diagnostic angiography. The Boomerang ClosureWire System has obtained the CE, which will allow commercialization in the European Union. Following FDA clearance, the company began actively marketing the Boomerang device through its direct sales organization in the United States. The global vascular closure market opportunity is estimated to be $1 billion to $1.5 billion.
About the Boomerang ClosureWire
The Boomerang ClosureWire System is designed to be more comfortable and cost-effective for patients undergoing manual compression of the femoral artery opening, and also provide unsurpassed safety and ease-of-use when compared to existing vascular closure devices used to close the femoral artery following catheterization.
It is estimated that almost eight million percutaneous catheterizations are performed world-wide, with approximately 80% being diagnostic angiography. At the end of the percutaneous procedure, the thin Boomerang device is inserted into the artery through the existing arterial sheath used during the catheterization procedure. Once inside the artery, the Boomerang device opens a flat, low-profile disc. Upon removal of arterial sheath, the Boomerang disc is positioned against the opening of the femoral artery forming a tight seal and immediate hemostasis.
Once the patient arrives into the recovery room, the Boomerang disc is collapsed and completely removed from the artery, leaving nothing behind in the tissue tract or artery. Final closure occurs with just a few minutes of finger pressure of the arterial puncture site. The safety and ease of use of the Boomerang device is in sharp contrast to the traditional methods doctors have used to close the opening of the femoral artery, which include manual compression directly over the femoral puncture site or vascular closure devices, which use various biomaterials (e.g., collagen, sutures, staples, or gels) to create a physical seal of the opening in the femoral artery.
About Cardiva Medical, Inc.
Founded in July, 2002, and headquartered in Mountain View, Calif., Cardiva Medical, Inc. is a privately held medical company focused on developing and commercializing vascular closure devices with unsurpassed safety and ease-of-use when compared to existing closure options. Cardiva Medical, Inc. is funded by leading venture capital investors, including Stockton Partners, Inc., Sycamore Ventures, Harbinger Venture Corp., and W.I. Harper Group. Additional information about Cardiva Medical can be found on www.cardivamedical.com.
About Stockton Partners, Inc.
Stockton Partners Inc. provides venture capital funding to companies in the fields of medical devices, life science enabling tools, biotechnology, pharmaceuticals, and medically-related IT. Based in New York City, Stockton was founded by prominent US and UK investors from the medical, pharmaceutical and financial services worlds. It is led by highly experienced medical analysts and advisors. Stockton takes a hands-on approach, providing portfolio companies with strategic advice, management consulting and an extensive network of contacts throughout the global medical and financial fields.
About Sycamore Ventures
Sycamore Ventures is a team of dedicated investment professionals with a broad range of industry experiences in communication, software, and life sciences. In August 1995 Sycamore's managing partners spun out of Citicorp Venture Capital Ltd. where they had aggregate investment experience of more than 45 years. Today, Citigroup remains one of Sycamore's largest investors. Sycamore manages more than $550 million in committed capital.
NOTE: Cardiva, Boomerang, ClosureWire are trademarks/registered trademarks of Cardiva Medical.
Contact: Glenn Foy, President of Cardiva Medical, Inc., +1-650-964-8900, ext. 215, or fax, +1-650-964-8911, or glenn_foy@cardivamedical.com.
Cardiva Medical, Inc.CONTACT: Glenn Foy, President of Cardiva Medical, Inc., +1-650-964-8900,ext. 215, or fax, +1-650-964-8911, or glenn_foy@cardivamedical.com
Web site: http://www.cardivamedical.com//
