Percardia Inc. Announces Close of $23.5 Million of Series D Financing and Purchase of Heartstent Intellectual Property
Merrimack, NH, November 5, 2003 - Percardia, Inc., a venture funded medical device company focused on the development of new therapeutic solutions for the treatment of coronary artery disease, announced today that it recently completed a second close on its Series D Financing. In total, the Company raised $23.5 Million in their Series D financing round. Investors in this round include, Percardia Investors LLC, Prism Venture Partners, Atlas Venture, Advanced Technology Ventures, Medtronic, Crescendo Ventures, and Vanguard Ventures. The Company also announced it has acquired the HeartStent intellectual property portfolio which includes 28 issued US patents as well as numerous patent applications in the field of ventricular sourcing.
Percardia Vice President & CFO, Christopher P. Joyce, commented "We are extremely pleased to have continued strong support from all of our investors, each of which participated in this Series D financing round. In addition we are fortunate to have secured the HeartStent patent portfolio which solidifies our intellectual property position in the field of ventricular sourcing."
Percardia, Inc. has developed a unique method for supplying blood to the coronary vessels for the treatment of coronary artery disease ("CAD"). An estimated 298,000 patients in the US alone and 557,000 worldwide will undergo coronary artery bypass graft ("CABG") in 2004. Additionally 1,085,000 patients will undergo percutaneous transluminal coronary angioplasty ("PTCA"). The Company's VSTENT Myocardial Implant will target both groups of patients where there is currently no equivalent product available. The company has raised $55 million to fund research, development, and clinical trials of its VCAB/VSTENT device. Nancy Briefs, Percardia's President & CEO, and her senior management team have over a century of combined experience developing and commercializing devices for cardiovascular medicine.
A clinical evaluation of the VSTENT Myocardial Implant1 is currently taking place in Europe as part of the ADVANTAGE [Adjunctive Treatment with the VCAB/VSTENTTM Myocardial Implant System in Coronary Artery Bypass Graft (CABG) Patients] Study. Similar to traditional intra-coronary stents that are used to hold open blocked arteries, the VSTENT Myocardial Implant provides in situ scaffolding that establishes a direct channel to deliver oxygenated blood from the left ventricle of the heart to a targeted coronary vessel. The first generation implant is a balloon-deployable stainless steel stent, which consists of biomaterials that have a proven safety record of implantation into humans. The VSTENT Myocardial Implant is a Class III cardiovascular implant requiring Pre-Market Approval (PMA) in the United States and the CE Mark in the European Union (EU).
Additional information regarding the company and its technology can be obtained at the company's website www.percardia.com.