NEW CORONARY ARTERY BYPASS TECHNIQUE PERCARDIA INC. RECEIVES NOTICE OF ALLOWANCE ON KEY U.S. PATENT COVERING SHUNT
Boston, July 6, 1999 /PRNewswire/... Percardia Inc., an early stage medical device company focused on the development of new therapeutic interventions for the treatment of coronary artery disease, announced today that it had received a notice of allowance from the U.S. Patent and Trademark Office on a patent covering a new method of coronary artery bypass.
This patent is the fifth issued patent on the company's new approach of left ventricle to coronary artery revascularization and enhances the company's proprietary position for the use of this new less invasive approach to heart bypass. There are approximately one million cardiac interventions performed per year in the US that involve coronary revascularization, and many of these interventions may be applicable to this new method of performing heart bypass.
Commenting on the announcement, Nancy Briefs, President & CEO of Percardia Inc. stated, "We are pleased about the allowance of this patent and believe it will provide significant enhancement to our product designs and methods of delivery." (Percardia Inc.'s emerging patent portfolio includes 5 issued US patents believed to constitute seminal filings in this new field of performing heart bypass.)
Percardia Inc. is an early stage venture capital-funded medical device firm developing new therapeutic interventions for the treatment of coronary artery disease.
The company's investors include:
Crescendo Ventures (formerly IAI Ventures, Inc.), with offices in Palo Alto, Minneapolis and London, has established itself as a leader in early stage venture in the areas of information technology, communication services and health care. Since 1982 the principals of Crescendo have invested in over 100 venture-backed companies and today have more than $500 million under management.
Vanguard Venture Partners is a Palo Alto, California and Houston, Texas-based high tech venture capital firm that manages $255 million in venture capital. Vanguard has been the lead investor in numerous highly successful companies, including Advanced Fibre Communications, Aldus, CardioGenesis, CIENA, Digital Microwave, EndoSonics, EndoTherapeutics, Indigo Medical, LightsSpeed, MacroMedica, Mycogen, Network Appliance, Pyramid Technologies and Tut Systems.
Atlas Venture, an international venture capital firm, focuses on information technology and life sciences. The firm has offices in key technology centers - Boston and Menlo Park in the United States, Amsterdam, London, Munich and Paris in Europe. Atlas Venture has $850 million under management. Its most recent fund, raised in 1999, has committed capital of $400 million.
Medtronic, Inc., headquartered in Minneapolis, is the world's leading medical technology company specializing in implantable and invasive therapies. Medtronic's internet address is www.medtronic.com.
Percardia Inc., incubated by Itasca Ventures, was founded in March 1998 and is headquartered in Nashua, New Hampshire. For more information about Percardia, call 1.603.882.1803.