Healthcare Industry News: Concentric Medical
News Release - January 8, 2009
Concentric Medical Closes on $15 Million FinancingMOUNTAIN VIEW, Calif., Jan. 8 -- (Healthcare Sales & Marketing Network) -- Concentric Medical, Inc., the global leader in devices for clot removal in ischemic stroke patients, today announced that it has completed a $15 million round of financing. The round was led by leading venture capital firm New Enterprise Associates, Inc. (NEA) and includes other existing investors and new investors.
"The positive developments at Concentric over the last several months made the opportunity to participate in this round of financing very attractive to investors," said Robert Thomas, Chairman of Concentric's Board of Directors. "Concentric ended 2008 very successfully, launching multiple new products and expanding its distribution footprint both in the United States and in Europe. Concentric plans to accelerate market development through diversified technology and additional clinical trials, positioning the company well for 2009 and beyond."
Commenting on this announcement, Maria Sainz, President and Chief Executive Officer of Concentric said, "This show of support, particularly in the current financial environment, is very gratifying and represents a strong vote of confidence for the company's strategic plans going forward."
Significant activities during recent months include:
In July 2008, Concentric launched its third generation of Merci RetrieversŪ, the V-Series, which incorporates elements of the MerciŪ X6 Retriever and the MerciŪ L-Series Retrievers into an innovative variable pitch design. The V-Series is available in multiple configurations and sizes to match patient anatomy, and further extends the company's lead in the acute ischemic stroke market.
In September 2008, Concentric expanded its global distribution network by opening Concentric Medical SPRL, a Belgian subsidiary dedicated to providing sales and marketing support to Concentric Medical, Inc.'s European sales force. During the second half of 2008 Concentric doubled the size of its European sales team.
In October 2008, Concentric launched the Outreach(TM) Distal Access Catheter, a highly deliverable, small diameter catheter designed to provide distal access and support in tortuous anatomy. The Outreach Distal Access Catheter provides neurointerventionalists easier distal access and enhanced support during minimally invasive procedures in the brain, and will serve as the platform for a wide array of products Concentric plans to release during 2009.
About Concentric Medical
Concentric Medical is located in Mountain View, California, and was founded in August 1999. The company manufactures and markets the Merci Retrieval System(TM), which is a minimally invasive device that is delivered by a neurointerventionalist into the brain to restore blood flow by removing blood clots that cause ischemic stroke. The Merci Retrieval System is available in over 250 leading stroke centers around the world, and has been the subject of two successful clinical trials, MERCI and Multi MERCI. Concentric Medical estimates that over 9,800 patients have been treated with its devices. For more information about Concentric Medical, please visit www.concentric-medical.com.
Source: Concentric Medical
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