Healthcare Industry News: GE Capital
News Release - December 8, 2006
HydroCision(R) Announces $12.7 Million Venture FinancingDennis B. Costello, Managing Partner, Triathlon Medical Ventures, joins HydroCision's Board of Directors
BILLERICA, Mass.--(HSMN NewsFeed)--HydroCision Inc. (www.hydrocision.com) announced today the completion of a $12.7 million venture financing round, bringing total funding in HydroCision to approximately $28 million.
Triathlon Medical Ventures (www.tmvp.com) was the lead investor in this 'Series G' round of financing. Additional investors included current HydroCision investors Oxford Bioscience Partners (www.oxbio.com), Newbury Ventures (www.newburyven.com) and Zero StaGE Capital (www.zerostage.com), as well as other preferred shareholders and officers of HydroCision. The funding will be used to (a) complete a prospective controlled randomized trial for microdiscectomy to complement the initial clinical trial completed in microdiscectomy; (b) expand sales coverage and training in the U.S., Europe and Asia; (c) increase marketing communications support; and, (d) purchase capital equipment to increase speed to market and to reduce product cost. This is the first equity financing of the Company since March 2002.
HydroCision also announced that Dennis B. Costello, co-founder and Managing Partner of Cincinnati-based Triathlon Medical Ventures (www.tmvp.com), will be joining the company's Board of Directors.
"We are pleased to take the lead investor role in this latest round of financing," said Mr. Costello. "HydroCision's products provide clinically proven advantages in the discectomy, fusion and nucleus replacement preparation segments of the spine market, and we are excited about being a part of this growing business. We feel that HydroCision will be an excellent addition to our growing portfolio of companies in the medical device sector."
"HydroCision is hitting its stride in the spine business. This round of financing provides the growth capital for additional clinical trials, sales expansion and marketing support," said Jeffrey T. Barnes, General Partner, Oxford Bioscience Partners. "We view the technology that HydroCision has developed as paradigm-shifting in the spine and other surgical arenas."
"We welcome Dennis Costello to our board and look forward to his contributions in the near future," said Douglas J. Daniels, President and Chief Executive Officer of HydroCision. "HydroCision will be launching several new products in the minimally invasive spine market in the beginning of 2007. The capital raised in this round of financing will provide the resources to expand on our initial success in the spine market and become a leader in the fusion, discectomy and nucleus replacement preparation segments."
About Triathlon Medical Ventures
Triathlon Medical Ventures is a Midwest-based venture capital firm that invests exclusively in the life sciences, providing equity capital to early- and expansion-stage companies with proprietary biomedical technology platforms or products addressing significant human healthcare needs. Triathlon is geographically focused on early-stage opportunities in the Midwest but will also invest in later-stage companies nationwide. The firm is headquartered in Cincinnati, with offices and partners in Indianapolis, Louisville and St. Louis.
HydroCision (www.hydrocision.com) is a leading designer, developer and distributor of fluidjet-based surgical tools. This new, proprietary fluidjet technology is the basis of a new surgical modality, "HydroSurgery", which has positive clinical experience, novel features and versatility. The Company has developed a broad range of fluidjet-based products to meet the clinical and economic needs of multiple specialties.
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