Healthcare Industry News: neuroradiology
News Release - April 3, 2007
Nfocus Neuromedical Inc. Raises Over $20 Million in Series B FinancingFunds Will Advance Clinical Development of Novel Therapies for Aneurysms That Cause Hemorrhagic Stroke
MENLO PARK, Calif., April 3 (HSMN NewsFeed) -- Nfocus Neuromedical Inc. today announced that it has completed $20.3 million Series B private equity financing. Funds will be used to support programs aimed at treatment of brain aneurysms that cause hemorrhagic stroke. Oxford Bioscience Partners of Boston and Technology Partners of Palo Alto led the round and were joined by existing investor DFJ e-Planet Ventures.
"Endovascular treatments for neurovascular disorders such as aneurysms are growing significantly and yet still represent enormous areas for improvement. With the recent merger to create Nfocus, we are excited about the opportunity to significantly help patients," said Omar Amirana, MD, Investment Manager, Oxford Biosciences.
Roger Quy, Partner of Technology Partners agreed, adding "the Nfocus product portfolio has the potential to overcome current limitations of aneurysm treatment, taking endovascular treatment of aneurysms to the next level."
Nfocus will immediately apply the funds to bring its current aneurysm and fistula treatment devices to market in Europe and the US. The company's development programs are focused on providing faster, simpler and more permanent treatment of hemorrhagic stroke conditions through endovascular (less invasive) devices.
Mir Imran, company co-founder and director, observed "we have united a fantastic technology platform with solid investors and a proven team of entrepreneurs in the field of aneurysm treatment."
Hemorrhagic stroke caused by ruptured aneurysms is a critical and often life-threatening event most frequently brought on by a rupturing aneurysm or other vascular malformation. In tens of thousands of cases, open surgery may not be ideal or even possible, but the alternative, today's endovascular devices, may not provide permanent treatment. It is these critical and underserved patients and their physicians, the interventional neuroradiologist and neurosurgeon, that Nfocus is committed to serve.
"I look forward building on our partnership with the physicians in the field to develop the tools that they have been asking for and help them to expand on their success with treating aneurysms in the brain," said Martin Dieck, President and CEO of Nfocus.
For more information about aneurysms and hemorrhagic stroke see: www.strokeassociation.org and www.asitn.org
About Nfocus Neuromedical
Nfocus is a neurovascular development, manufacturing and marketing company focused on treating hemorrhagic stroke. Current and future product programs are aimed at rapid treatment of aneurysms and fistulas in the brain. Nfocus evolved from the recent merger between CardioVasc Inc. and Acta Vascular Systems Inc., two Silicon Valley start-ups in the field of interventional neuroradiology. Mir Imran, a serial medical device entrepreneur, is a founder of the parent company, CardioVasc, which was started at his medical device incubator: In-cube Laboratories www.in-cube.com. Martin Dieck, President and CEO of Nfocus, brings a deep experience in the stroke field, having been both a founder and CEO of Concentric Medical www.concentric-medical.com.
About Oxford Bioscience Partners
Oxford Bioscience Partners (OBP) is a life science venture capital firm that provides equity financing and management assistance to advanced-stage start-ups and later-stage commercially oriented organizations. The General Partners of OBP currently manage venture funds with committed capital of more than $800 million. For more information, please visit www.oxbio.com.
About Technology Partners
Founded over 20 years ago as a private venture capital firm, Technology Partners manages a total of more than $400 million of investment capital. Technology Partners serves principally as a lead investor and business advisor to both Life Science and Cleantech organizations and teaming with visionary entrepreneurs to build successful new companies. For more information, please visit www.technologypartners.com.
Source: Nfocus Neuromedical
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