PERCARDIA INC. SECURES OVER $22 MILLION IN FUNDING, ATTRACTS NEW BOARD MEMBERS
Merrimack, NH, December 8, 2000 /PRNewswire/... Percardia Inc., an early stage medical device company developing new therapeutic interventions for the treatment of coronary artery disease, announced today it closed $22.3 million in "Series C" financing. The company also announced the addition of board members, John L. Brooks, III, of Prism Venture Partners, the lead investor, and Michael Carusi of Advanced Technology Ventures. Prism and ATV invested $6 million, respectively. Other investors include, Atlas Ventures, Crescendo Ventures, Medtronic, Inc., and Vanguard Ventures Partners.
The funding, which brings the total amount of financing to $32 million since inception, will support the company's ongoing development activities focused on getting the company's device into clinical safety testing by late next year. "This latest investment further substantiates our potential to significantly impact how coronary artery disease is currently treated," said Nancy Briefs, Percardia's President & CEO. Jack Gill, Ph.D., Percardia's Chairman of the Board remarked, "We are pleased to welcome John and Mike to our board, given their extensive entrepreneurial and managerial expertise."
John Brooks, General Partner, Prism added, "The strength of Percardia's business proposition, which includes a strong Intellectual Patent portfolio and significant progression in developing market-changing devices, holds great promise in advancing the diagnosis and treatment of coronary artery disease in both the Cardiac Surgery and Interventional Cardiology markets."
Ms. Briefs to Speak at "Innovations in Health Care" Symposium
CEO Nancy Briefs has been invited to speak at Windhover Information's 3rd annual start-up symposium on "Innovations in Health Care", taking place December 10-12, 2000 at the Ritz-Carlton Laguna Niguel, CA. Palmer & Dodge LLP, PriceWaterhouseCoopers and SG Cowen are sponsoring the symposium. Brief's presentation will focus on the evolution of the company's VSTENT Myocardial Implant technology and the concept of providing coronary blood flow directly from the left chamber of the heart.
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. One potential market for the VSTENT Myocardial Implant technology will be former coronary artery bypass patients with recurring coronary artery disease or degenerated vein grafts requiring intervention. The company's emerging technology is protected by a patent portfolio, which includes multiple pending and (6) issued U.S. patents, believed to constitute the seminal filings in the field of ventricular revascularization.
About Advanced Technology Ventures
Advanced Technology Ventures was founded in 1979 and is a technology-oriented venture firm focused on investments in communications, Internet infrastructure, software & services and healthcare. ATV has $750 million under management and maintains offices in the Silicon Valley and Boston technology corridors. More information regarding ATV can be obtained at http://www.atvcapital.com.
About Atlas Ventures
Atlas Ventures is an international venture capital firm and focuses on information technology and life sciences. The firm has offices in several key technology centers- Boston, Menlo Park, London, Munich and Paris. Atlas has $850 million under management. Interested parties can visit http://www.atlasventure.com for additional information.
About Crescendo Ventures
Crescendo Ventures, formerly IAI Ventures, Inc., is based in Minneapolis, MN and is a venture capital leader in early-stage companies in the areas of information technology, communications services and health care. Cresendo has invested in over 100 venture-backed companies with more than $300 million under management. Crescendos website is http://www.crescendoventures.com.
About Medtronic, Inc.
Medtronic, Inc., headquartered in Minneapolis, is the world's leading medical device and technology company specializing in cardiac rhythm management, interventional cardiology and invasive surgical therapies. More information on Medtronic's divisions and products can be obtained at http://www.medtronic.com.
About Prism Venture Partners
Prism Venture Partners, Westwood, MA, is a leading venture capital firm with early-stage investments in communications, Internet business infrastructure and healthcare. Since inception in 1996, Prism has rapidly gained industry recognition through the firm's high-visibility investment strategies. With $560 million in capital under management, Prism's growth reflects the extensive entrepreneurial expertise of its partners, a hands-on approach to working with portfolio companies, an integrated network of investors, and access to growing pool of highly-skilled entrepreneurs. Additional information on Prism Venture Partners can be found at http://www.prismventure.com.
About Vanguard Venture Partners
Vanguard Venture Partners is a high tech venture capital firm located in Palo Alto, CA and Houston, TX and has $500 million under management. Vanguard has been the lead investor in a diversity of successful companies including; Advanced Fibre Communications, Aldus, CardioGenesis, CIENA, Digital Microwave, Endosonics, EndoTherapeutics, Indigo Medical, Lightspeed, MarcoMedia, Mycogen, Network Appliance, Pyramid Technologies and Tut Systems. To learn more about Vanguard Venture Partners please visit our website at http://www.vanguardventures.com.