Healthcare Industry News: Patent foramen ovale
News Release - April 18, 2007
Coherex Medical, Inc. Announces Closing of $8.525 Million FinancingSALT LAKE CITY, April 18 (HSMN NewsFeed) -- Coherex Medical, Inc., a privately-held medical device company is pleased to announce that it has completed an equity financing of $8.525 million through the sale of Series A Convertible Preferred Stock. The proceeds of the transaction are expected to support clinical studies, continued research and development related to the Company's Coherex FlatStent(TM) Patent foramen ovale (PFO) Closure System and or general corporate purposes.
A PFO is a common heart defect and is an abnormal opening between the upper chambers of the heart. This opening may allow blood to bypass the lungs by shunting from the right side of the heart to the left. The existence of a PFO can lead to stroke and may be the cause of migraine headaches in certain patients.
The lead investors in this round of financing are Oxford Bioscience and vSpring Capital. In connection with this financing, the Company named Jeff Barnes, General Partner of Oxford Bioscience and Dinesh Patel, Ph.D., Managing Director of vSpring Capital to the board of directors.
"We are very pleased to have Oxford Bioscience and vSpring Capital participate in this round of financing," said Richard J. Linder, President and Chief Executive Officer of Coherex Medical. "This financing is a significant event for Coherex Medical and for the Utah life science industry. Oxford Bioscience is one of the world's largest life science venture capital firms and vSpring Capital is a leading venture capital firm in the rocky mountain region with a focus on the life science industries. Both firms have expressed their commitment to a long-term relationship with Coherex Medical and we look forward to their participation in future rounds of financing and continued service on our board of directors."
About Coherex Medical, Inc
Coherex Medical, Inc. (www.coherex.com) is a privately held medical device company dedicated to the development of safe and easy to use technologies to close heart defects such as a Patent foramen ovale or PFO.
A PFO is an abnormal opening between the upper chambers of the heart which allows blood to bypass the lungs. This tunnel-like opening is fairly common, occurring in about 25% of the population. While the presence of a PFO does not present risks to all people who have the defect, the condition has been linked to at least two medical conditions that may benefit greatly from closure: cryptogenic stroke and migraine.
According to the Stroke Council of the American Heart Association, approximately 500,000 strokes each year worldwide may be attributable to the presence of a PFO, which represents a potential annual market size of around $2 billion. Migraine is a common disorder, affecting approximately 12% of adult populations in Western countries. The worldwide market potential for PFO closure to treat migraine patients has been estimated to be more than $15 billion.
The Coherex FlatStent(TM) PFO Closure System is similar in use and function to existing self-expanding vascular stents which are widely used by Interventional Cardiologists who will implant the device. The Coherex FlatStent(TM) incorporates a unique fusion of PFO closure mechanisms.
About Oxford Bioscience
Oxford Bioscience Partners is one of the largest venture capital firms focused exclusively in the life science sectors. With approximately $1 Billion under management and 13 investment professionals, Oxford has invested in and provided management assistance to well over 100 start-up, early and mid-stage companies.
About vSpring Capital
vSpring Capital (www.vspring.com) is an early-stage venture capital firm with $260 million under management. With offices in Utah, New Mexico and Colorado, vSpring invests in information technology and life science companies that have the potential to transform their markets and create lasting value.
Source: Coherex Medical
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