PERCARDIA INC. ANNOUNCES CLOSE OF $8.5 MILLION FINANCING
Boston, June 22, 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 at the Venture One Exchange Conference that it has closed an $8.5 million round of financing. The round was led by three top tier venture capital funds: Crescendo Ventures, Vanguard Venture Partners and new investor Atlas Venture, along with Medtronic, Inc., the world's leading medical technology company. Percardia also announced that Dr. Marc Fogassa of Atlas Venture has joined its Board of Directors.
Percardia's proprietary technology is based on intellectual property licensed from Dr. Peter Wilk, a noted surgeon and inventor. The device creates a shunt from the left ventricle of the heart to a coronary artery. This direct coronary revascularization creates an entirely new method for delivering blood to the heart tissue. "We are pleased with the results of our early acute animal experiments which demonstrated the feasibility of this new approach" said Nancy Briefs, Percardia's President & CEO. "This funding will support our continued development efforts and pre-clinical animal research."
Over 15 million people suffer from coronary artery disease. In the United States today, heart disease remains the number one killer, accounting for approximately 750,000 fatalities each year. The company's emerging technology is well protected by a patent portfolio which includes multiple pending and (4) issued US patents believed to constitute seminal filings in the direct coronary revascularization field.
The company's investor group now consists of:
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.