Healthcare Industry News: percutaneous aortic valve
News Release - October 23, 2006
Sadra Medical Raises $19 Million in Series B Financing
Company Makes Significant Progress in Its Quest to Transform Heart Valve TherapyCAMPBELL, Calif.--(HSMN NewsFeed)--Sadra Medical, a privately-held, development stage Silicon Valley firm dedicated to developing innovative new therapies for aortic valve disease, has recently completed a $19M Series B round of funding. Oakwood Medical Investors and Boston Scientific joined the company's Series A investors, Pequot Ventures, Onset Ventures and SV Life Sciences Advisors (SVLS), in the financing.
"We are pleased to be backed by the deep experience base of our investors. Their support will help us in attaining our goal of delivering the best device possible to make percutaneous aortic valve replacement a viable therapeutic option for patients in need," stated Amr Salahieh, President and CEO of Sadra Medical. "Our momentum is building and we look forward to initiating clinical evaluation of the Sadra Lotus(TM) Valve within the next several months."
Raul Perez, president of Oakwood Medical, observed, "We believe percutaneous aortic valve replacement will play a significant therapeutic role in the future. This investment in Sadra Medical reflects the consensus of the group of investors that the innovative second-generation repositionable Lotus prosthesis developed by Sadra has great potential."
Treatment of aortic valve disease remains a significant and growing unmet clinical need. As many as 3 million people in the U.S. have aortic stenosis; however, only a small percentage of those are treated with the current standard of care, open-heart valve replacement surgery, using cardiopulmonary bypass. By delivering a highly effective aortic valve replacement that reduces the risks and morbidity associated with surgery, Sadra Medical seeks to provide a therapeutic option for patients who are not being treated today.
Sadra Medical was founded in 2003 by Amr Salahieh and a small group of leading-edge cardiovascular clinicians. Board members include Salahieh, Leslie Bottorff of Onset Ventures, Juliet Tammenoms Bakker of Pequot Ventures, David Milne of SVLS, and Fred Khosravi, CEO of Access Closure.
Oakwood Medical Investors
Oakwood Medical Investors is a life sciences venture capital firm investing in development stage medical device, pharmaceutical, and biotechnology companies. Target portfolio companies for Oakwood have an industry "disruptive" technology, have demonstrated proof of concept for their lead product and completed a first round of institutional venture financing. Over the past 16 years, Oakwood's managers have collaborated on more than 35 life sciences related investments in companies across the nation. The firm has offices in St. Louis, Missouri and Cleveland, Ohio.
Boston Scientific Corporation
Boston Scientific is a worldwide developer, manufacturer and marketer of medical devices whose products are used in a broad range of interventional medical specialties. For more information, please visit: www.bostonscientific.com.
Pequot Ventures
Pequot Ventures is the direct equity investment arm of Pequot Capital Management, Inc., a leading asset management firm with over $5.5 billion of capital under management. Pequot Ventures was founded in 1996, has over $1.5 billion in capital under management and has invested in over 150 companies in the healthcare and technology sectors.
ONSET Ventures
ONSET Ventures is a 22-year-old venture capital firm specializing in early/seed stage information and medical technology-based startups. Based in Menlo Park, CA, ONSET has pioneered a shirt-sleeves style of active collaboration with entrepreneurs to conceive and develop successful new businesses. The firm has invested in over 100 companies, and has in excess of $700 million under management.
SV Life Sciences
SV Life Sciences Advisors ('SVLS') provides financing to businesses at all stages of development and across the human life sciences sector. These sectors range from biotechnology & pharmaceuticals to medical devices & instruments, to healthcare information technology and services. SV Life Sciences currently advises and manages four funds with capital commitments of over $1.2 billion, which primarily invest amounts of between $1m and $20m in North America and Europe.
Source: Sadra Medical
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