Healthcare Industry News: peripheral artery disease
News Release - October 9, 2007
AngioScore Announces Completion of $30 Million FinancingFREMONT, Calif.--(HSMN NewsFeed)--AngioScore, Inc. today announced the successful completion of a $30 million private equity financing. The Series E round was led by Telegraph Hill Partners. All of AngioScore's other existing institutional investors also participated in this round, including Psilos Group Management, QuestMark Partners, L.P., UV Partners, California Technology Ventures and Innomed Ventures.
"The completion of this round of financing provides AngioScore with significant additional resources to fund the continued ramp-up of our worldwide sales effort, expand manufacturing operations, and accelerate new product development," said Thomas R. Trotter, president and CEO. "The rapid market acceptance of the AngioSculpt for both peripheral and coronary indications in the U.S. and Europe continues to exceed our expectations. In addition, we hope to begin the launch of the AngioSculpt in Japan during the first half of 2008. With an estimated three million angioplasty procedures performed annually on a worldwide basis for both peripheral and coronary artery disease, we believe the market opportunity for the AngioSculpt is very significant."
Trotter added: "Well over 250 hospitals in the United States and Europe have now begun using the AngioSculpt with outstanding results. The feedback we continue to receive from key physicians throughout the U.S. and Europe has been most encouraging. Over the next year, we expect to introduce several new additions to the product line and are particularly excited about the future potential opportunity for a drug-coated version of the AngioSculpt."
The investment banking firm of Thomas Weisel Partners was the placement agent for this transaction.
AngioScore is a developer of novel angioplasty catheters for use in the treatment of coronary and peripheral artery disease. The company's flagship product, the AngioSculptŪ Scoring Balloon Catheter, incorporates a unique system of nitinol-scoring elements with a traditional balloon catheter. The scoring elements create focal concentrations of dilating force, which minimize balloon slippage ("geographic miss") and assist in the luminal expansion of stenotic arteries.
AngioScore, Inc. (www.angioscore.com) is a privately held endovascular company, located in Fremont, California. AngioScore can be contacted at (510) 933-7900 or at email@example.com.
Note: This press release contains forward-looking statements that are based upon management's current expectations and are inherently uncertain. Actual results and timing of events could differ materially form current expectations and forward-looking statements.
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