Credit Agricole Private Equity joins Forbion Capital Partners (formerly ABN AMRO Life Sciences), Foundation Medical Partners, the lead investor, Oxford Biosciences Partners and SB Life Science Ventures in the $25M Series B funding. The $25M Series B funding will support the company's First in Man trial in 2007, the initiation of the United States investigational device exemption Phase I Feasibility trial enrollment in 2008 and the initiation of CircuLite's endovascular system preclinical evaluation.
"We are very pleased that Credit Agricole Private Equity has joined the Series B funding round," said Paul J. Southworth, President and Chief Executive Officer of CircuLite. "The additional $5M investment will take CircuLite well into the US Phase I Feasibility trial and allow us to obtain the initial patient follow-up data. It will also allow us to start our preclinical evaluation of the endovascular system."
"The technology developed by CircuLite goes far beyond the capabilities of the current circulatory assist devices to offer a new standard of care in the treatment of congestive heart failure", added Alexia Perouse, Director at Credit Agricole Private Equity. "The quality of the technology and the experience of the American and European teams were instrumental in convincing us of the potential for CircuLite to become a key player in the cardiac device field." Alexia Perouse will join the board of CircuLite.
About CircuLite
CircuLite is a privately held, medical device company developing a unique superficially placed circulatory assist device for the treatment of chronic heart failure. The company's Synergy(TM) Pocket Circulatory Assist device is in preclinical studies and the company is preparing for the First in Man implant in 2007. The Synergy device features a micro-pump that is placed superficially in the "pacemaker pocket". The micro-pump is minimally invasively connected to the Left Atrium and the Subclavian Artery, and can pump up to 3 liters of blood flow per minute. The minimally invasive placement of the device will allow the transformation of the treatment of chronic heart failure patients from the acute decompensated hospitalized patient to the chronic, ambulatory heart failure patient.
About Credit Agricole Private Equity
Credit Agricole Private Equity is an AMF-accredited asset management subsidiary of Credit Agricole S.A., specialising in private equity investment in unlisted companies. A team of 40 professionals operating in five areas, manages EUR 1.5 billion through venture and innovation funds. Credit Agricole Private Equity provides advice and support for business managers implementing growth plans.
Contact: CircuLite Inc. Paul J. Southworth, 201-543-2430 President and CEO or Gail G. Farnan, 201-543-2430 Vice President, Marketing
Source: CircuLite Inc.
