Healthcare Industry News: Biocon
News Release - April 5, 2007
Bioconnect Systems Completes $8M Series A FinancingNew Financing Led by Cardinal & Fidelity Biosciences Funds
AMBLER, Pa.--(HSMN NewsFeed)--Bioconnect Systems, Inc. announced today that the company has raised $8 million in Series A financing. Bioconnect's initial product platform, the Optiflow(TM), enables surgeons to create precisely controlled connections throughout the body.
The company's initial product, the Optiflow(TM) AV is a proprietary anastomotic connector addressing the need for improved access in over 1.5 million worldwide dialysis patients. Vascular access is considered the Achilles' Heel of hemodialysis, contributing to high mortality rates of 68% at five years. Approximately one-third of surgically created access sites never become functional while another one-third fail within the first year.
Adam Dakin, Bioconnect's chief executive officer and co-founder, said, "We are delighted to have the support of Cardinal Partners and Fidelity Biosciences, two highly respected healthcare venture funds. This capital enables us to accelerate development of our first product and to license or acquire complimentary technology targeting dialysis access."
The financing was led by Cardinal Partners, a Princeton, New Jersey based venture capital fund and Fidelity Biosciences of Cambridge, Massachusetts. In conjunction with the financing, Charles Hadley, General Partner at Cardinal Partners, and Robert Weisskoff, Partner at Fidelity Biosciences, will join the board, as will co-founder Mike Dugery.
Mr. Hadley commented "Government initiatives such as Fistula First have raised awareness of the critical clinical need for improving dialysis access. We were attracted by the company's strategy to develop and aggregate products targeting the wide range of access needs in this large and highly underserved patient population."
For further information, connect to www.Bioconnectsystems.com
Source: Bioconnect Systems
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