Healthcare Industry News: abdominal aortic aneurysm
News Release - March 28, 2006
Aptus Endosystems Receives $19.5 Million in Series B FinancingCompany Developing Pioneering Treatment for Endovascular Aneurysm Repair
SUNNYVALE, Calif., March 28 (HSMN NewsFeed) -- Aptus Endosystems Inc., a medical device company developing advanced technology and products for the treatment of endovascular aneurysm repair, today announced it has raised $19.5 million in Series B financing. This latest round was led by Prism Venture Partners and joined by Baird Venture Partners, both new investors. Existing investors U.S. Venture Partners and Pequot Ventures also participated in this round.
Aptus Endosystems will use the proceeds to support continuing development activities, initiate the U.S. clinical trial program, STAPLE-1, for its abdominal aortic aneurysm (AAA) product; and build its operations infrastructure.
"We are pleased to have two high quality venture firms, Prism Venture Partners and Baird Venture Partners, join our team. Their medical device experience and investment, along with the continued support of USVP and Pequot Ventures, further validates the unique features and benefits of the Aptus System," said Bob H. Katz, President, Aptus Endosystems.
"Aptus Endosystems' next generation stent-graft represents a true advancement in minimally invasive abdominal aortic aneurysm repair. It will overcome the shortcomings of earlier devices and has great potential to become the standard of care therapy for this devastating disease," Gordie Nye, General Partner, Prism Venture Partners and new Aptus board member.
About abdominal aortic aneurysms
Ruptured abdominal aortic aneurysm (AAA) is the thirteenth leading cause of death in the U.S. and the tenth leading cause in men over age 55. It causes at least 15,000 deaths each year. The National Institutes of Health estimates that three to six percent of men over the age of 60 have some form of AAA. In 2005, more than 21 million American males were over the age of 60, and potentially 630,000 will have an AAA. In February 2006, President Bush signed a federal budget bill, which included a provision for Medicare to begin payment for aneurysm screening for all people aged 65 entering the Medicare system in known high risk categories for the development of the disease.
About Aptus Endosystems, Inc.
Aptus Endosystems is a privately held medical technology company developing advanced technology and products for the treatment of endovascular aneurysm repair. Founded in 2002, Aptus Endosystems has developed a unique endograft system delivered via standard catheter technology. The technology provides surgeons with the confidence and control of an open surgical repair with the minimally invasive approach of an endovascular procedure.
About Prism Venture Partners
Founded in 1996, Prism Venture Partners (Westwood, MA) is a venture capital firm built by experienced entrepreneurs in technology and life sciences. With approximately $1.25 billion in capital under management across five funds, Prism's primary goal is to deliver superior value to its investors. Its partners have served as the founders, CEOs and senior executives of numerous venture-backed companies. By leveraging its network of seasoned entrepreneurs, skilled executives and long-time industry contacts, Prism identifies and works closely with companies with the potential to be market leaders. For more information, please visit http://www.prismventure.com.
About Baird Venture Partners
Baird Venture Partners, the U.S.-based venture capital arm of Baird Private Equity, makes investments in early- to growth-stage companies in the Business Services and Healthcare/Life Sciences sectors. Baird Venture Partners leverages its in-depth sector knowledge, experienced investment team and network of relationships to serve as a value-added partner for its portfolio companies. Baird Private Equity is a global private equity group affiliated with Robert W. Baird & Co. (Baird). With more than 40 investment professionals in the United States and Europe and 20 operating professionals in China, Baird Private Equity has raised and managed $1.7 billion in capital. The group's investments are supported by Baird's full range of financial advice, operating expertise and industry research, providing a unique full-service approach to the entire private equity investment process. For more information, please visit http://www.bairdventurepartners.com.
Source: Aptus Endosystems
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