Cardiox Closes $8 Million Series C Financing To Fund Commercial GrowthCardiOx Corporation raises Series C financing to fund FDA & CE Mark submission of minimally invasive cardiac shunt detection device by year end
Sept. 1, 2011 - PRLog -- CardiOx Corporation, a privately held medical device company, announced that it has secured eight million dollars in Series C financing led by new investor LifeLine Ventures LLC and joined by existing investors Early Stage Partners, Reservoir Venture Partners and Glengary LLC. CardiOx has received a total of $13.6 million in capital investments to date, and was a 2010 recipient of a one million grant from the Ohio Third Frontier Biomedical Program and a $244,000 grant from the federal Therapeutic Discovery program.
In conjunction with this financing, representatives of LifeLine Ventures LLC will join the CardiOx Board of Directors. “We are excited to be investors in CardiOx,” commented Ranjit Kommineni, Managing Director of LifeLine Ventures. “Cardiac shunt detection is an important element in the current clinical pathway for stroke and transient ischemic attack (TIA) patients. As clinical research continues to unfold, it is becoming increasingly apparent that there are many additional conditions for which it is important to know whether a shunt is present. CardiOx’ Proceeds from the financing will be used to complete the development and subsequently launch the Company’s first product for the minimally invasive detection of cardiac shunts. Funding will also support the Company’s clinical trials underway or planned at Riverside Methodist Hospital in Columbus, Ohio, the UCLA Medical Center, Columbia University and the Cleveland Clinic. “We are pleased by the interest in CardiOx and thank our new investor, as well as current shareholders for their on-going support,” said Larry C. Heaton II, President and Chief Executive Officer of CardiOx. “CardiOx has made significant progress during the past year in preparing its FDS Flow Detection System for commercialization. We look forward to working closely with our investor group as we collaborate to build a strong business in shunt detection.” Cardiac shunts, also known as a hole in your heart, are prevalent, with the most common form being a patent foramen ovale (PFO), which begins as a naturally occurring defect in the heart of the fetus which allows maternal blood to be distributed through the baby’s arterial system while in utero. Following birth this defect heals shut in approximately 75-80% of the population but stays open, albeit covered by a flap of tissue, in the remainder. If still open it has the potential to allow clots to bypass the lung’s filtering function and may lead to strokes. Patients with certain risk factors are increasingly advised to undergo fairly invasive procedures to diagnose its presence. “This financing enables us to bring our advanced technology to the marketplace, continue its innovation and fully support our customers,” said Philip Eggers, Founder and Chief Technical Officer. “It will be gratifying to see this technology to market as it represents a significant enhancement to current techniques in terms of the level of invasiveness and may facilitate significantly more awareness of this potentially dangerous but hidden condition.” In addition to the investors in this latest round, in its Series A and B financings CardiOx received funding also from TechColumbus, the Ohio Tech Angel Fund, the Co-Investment Fund, the North Coast Angel Fund as well as individual “Angel” investors. About CardiOx Corp. CardiOx Corp. a privately held medical was founded in 2006 by Ohio serial entrepreneur and medical device developer, Philip Eggers, to develop and bring to market a non-invasive, cost-effective method for diagnosing a congenital right-to-left shunt. A right-to-left shunt (more commonly referred to as a hole in the heart) occurs in approximately 20 percent of the population and is thought to be a leading cause of stroke and some migraine headaches. About LifeLine Ventures LLC LifeLine Ventures currently has committed funds to capitalize on the opportunities created within the life science revolution. LifeLine Ventures is comprised of team members having diverse professional backgrounds with experience building successful companies and sales organizations in the life science space, planning and executing clinical research studies of all stages, and developing and commercializing cutting edge technology. LifeLine Ventures seeks opportunities within the broad spectrum of the life science industry with a focus on medical devices and diagnostics. Its distinctive approach blends direct financial investment with unique access to business support services, all targeting rapid, sustained growth and efficient product deployment by LifeLine Ventures’ portfolio companies. About Early Stage Partners Early Stage Partners is an early stage venture capital firm that was formed in 2001 with the belief that the Midwest could and would attract a significant number of early stage technology companies that would be attractive early stage venture capital investment opportunities. This belief was predicated on positive trends in regional economies, technology, and entrepreneurship and on the experience of the Early Stage Partners team in identifying promising ventures and budding entrepreneurs. About Reservoir Venture Partners Reservoir Venture Partners is a Columbus, Ohio based venture capital firm bringing capital, business building acumen, and a strong network of advisors to entrepreneurs and their teams. Its goal is to identify, invest in, and help build early stage information technology companies. RVP targets investments in companies with an emphasis on healthcare, information technology and clean technology and supports portfolio companies with dynamic guidance to its entrepreneurs in all key aspects of operations, governance and strategy. RVP manages two funds with an initial investment generally of $0.5M-$1M, up to $4M. About Glengary LLC Glengary LLC, based in Beachwood, Ohio, combines an unparalleled network of support services with investment capital. Its initial investment in an early stage company is typically made before its product or service has been validated in the market. Glengary then works with company leadership to achieve mutually-defined milestones and will participate in follow-on rounds of financing, frequently at a size that is a multiple of its initial investment. # # # CardiOx Corporation is a private Columbus, Ohio based, venture capital backed, diagnostic medical device start-up company preparing to commercialize its FDS cardiac shunt detection system product that enables a highly sensitive, low-cost procedure for shunt detection that a nurse or physician can perform in an office setting in about 15 minutes. CardiOx is preparing to launch its first product in 1Q2012 through distribution in Europe, and through a direct channel in the United States. Stroke and Transient Ischemic Attack (TIA) patients (1.3 million annually in U.S.) require diagnosis to determine etiology. Those categorized “cryptogenic” End
|
Account Phone Number