Healthcare Industry News: AngioSculpt
News Release - April 11, 2006
AngioScore Inc. Announces Completion of $30 Million Financing to Fund U.S. Product LaunchFREMONT, Calif.--(HSMN NewsFeed)--April 11, 2006--AngioScore Inc. announced today the successful completion of a $30 million private equity financing. The Series D round was led by Telegraph Hill Partners. QuestMark Partners L.P. also participated as a new institutional investor in this round. The company's existing institutional investors, all of whom participated in this round, include Psilos Group Management, UV Partners, California Technology Ventures and Innomed Ventures.
Upon the close of the financing, Thomas A. Raffin, M.D., from Telegraph Hill Partners, and Benjamin S. Schapiro, from QuestMark Partners L.P., were named to the AngioScore Board of Directors.
"Completing this round of financing is a major milestone for us, and we are very pleased with the quality of the new investors and Board members we gained," said Thomas R. Trotter, president and CEO of AngioScore. "We expect the funds from this financing will be used primarily to expand the company's global manufacturing effort and launch the AngioSculpt in the U.S. market."
Trotter added: "The company has received FDA 510(k) clearance to market the AngioSculpt for balloon dilatation of lesions in infra-popliteal arteries (peripheral artery disease below the knee), and has submitted a Pre-Market Application (PMA) for the AngioSculpt for the treatment of coronary artery disease. In addition, the AngioSculpt has received the CE mark for the treatment of both coronary and peripheral artery disease and we have begun a limited release in Europe. The company will commence the U.S. launch of the AngioSculpt this spring, and we expect the product to be in widespread release before the end of this year. With well over 3 million angioplasty procedures performed worldwide for the treatment of both coronary and peripheral artery disease, we believe that the market opportunity for the AngioSculpt is very significant."
Added Thomas A. Raffin, M.D., Professor Emeritus, Stanford University, and Partner, Telegraph Hill Partners: "Telegraph Hill Partners is delighted to lead this round of financing. We believe that the AngioSculpt has the potential to achieve widespread acceptance as an important new product addition for physicians worldwide. In addition, the company's management team has an outstanding track record of success in the medical device marketplace."
AngioScore is a developer of novel angioplasty catheters for use in the treatment of coronary and peripheral artery disease. The company's flagship product, the AngioSculpt® Scoring Balloon Catheter, incorporates a unique system of nitinol scoring elements with a traditional balloon catheter. The scoring elements create focal concentrations of dilating force, which minimize balloon slippage ("geographic miss") and assists in the luminal expansion of stenotic arteries.
AngioScore Inc. (www.angioscore.com) is a privately held endovascular company, located in Fremont. The company's first product is the AngioSculpt Scoring Balloon Catheter. AngioScore can be contacted at 510-933-7900 or at firstname.lastname@example.org.
Note: This press release contains forward-looking statements that are based upon management's current expectations and are inherently uncertain. Actual results and timing of events could differ materially from current expectations and forward-looking statements.
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