Healthcare Industry News: Estech
News Release - June 2, 2009
Estech Completes Additional $8 Million Financing; Names Tony Remington as US Vice President of SalesNew Financing to Support Continued Expansion of Sales, Marketing and Product Development
SAN RAMON, Calif.--(HSMN NewsFeed)--Endoscopic Technologies, Inc. (Estech™), a leading provider of cardiac surgery devices, announced today that it has completed $8 million in equity financing through the sale of its preferred stock. This is in addition to the $11.3 million the company raised in September 2008. The financing was led by NBGI Ventures, a venture capital firm specialized in investments in medical technology companies. Also participating in the financing were previous investors Saints Capital Everest, Telegraph Hill Partners and Waveland Venture Partners. The company also announced that it has appointed Tony Remington as vice president of U.S. sales.
Mr. Remington has 15 years of experience and a successful track record in medical sales and sales management at start-up companies, as well as major corporations. Most recently, he was vice president of sales at EKOS Corporation, a venture capital funded start-up company in the peripheral vascular field. Prior to EKOS, Mr. Remington was regional manager at Guidant Cardiac Surgery, regional manager at Medtronic Urology and vice president of sales at LeMaitre Vascular. Mr. Remington has a Bachelor of Science degree in Marketing from Bentley College and a Masters in Business Administration from Boston College.
Aris Constantinides, investment director at NBGI Ventures, said, “We were deeply impressed by the superior clinical outcomes delivered by Estech’s innovative product range, as well as the company’s strong reputation with cardiac surgeons. We are delighted to support the company’s new management team, whose track record promises to bring strong operational results to Estech.” Mr. Constantinides will join Estech’s board of directors.
Scott Halsted, managing director of Saints Capital Everest, said, “As a previous investor in Estech, we continue to be impressed with the management and direction of the company, and believe Estech is well positioned to take advantage of the growth opportunities in the minimally invasive cardiac surgery and ablation markets.”
John Pavlidis, Estech’s president and CEO, said, “Estech is gaining momentum and recognition in the market as a leader in minimally invasive valve, CABG and ablation procedures. Cardiac surgeons worldwide appreciate our unique dedication to cardiac surgery and commitment to improving their practice and clinical outcomes. With this new investment and the addition of Tony Remington to our management team, we will continue to innovate and significantly expand our position in the market.”
About NBGI Ventures
NBGI Ventures, established in 2001, manages two funds with total commitments of above $100M and focuses on leading investments in innovative medical device companies. NBGI Ventures is based in London and considers investments primarily across Europe. Companies it has supported to date include Reverse Medical (USA), Biospace Med (France), 2010 Perfect Vision (Germany), BoneSupport (Sweden) and SuperSonic Imagine (France). For more information, visit www.nbgiventures.com.
About Saints Capital
Saints Capital is a leading direct secondary acquirer of venture capital and private equity investments in emerging growth companies around the globe. Saints also makes traditional direct venture capital investments on a primary basis and in special situations in technology, healthcare, consumer and industrial companies in the United States. Saints is headquartered in San Francisco, with investment professionals throughout Europe and Asia. Saints currently manages funds with investments in more than 100 individual companies totaling more than $1 billion in originally invested capital. For more information, visit www.saintsvc.com.
About Telegraph Hill Partners
Telegraph Hill Partners is a private equity firm focused solely on investing in life science, medical device and healthcare companies with growing revenues, superior economic business models, outstanding management teams and a commitment to profitability. For more information, visit www.thpartners.net.
About Waveland Capital
Waveland Capital Partners provides investment banking services and alternative investment opportunities in venture capital, private equity and the energy sector for its high net worth clients, institutional investors and corporate clients. For more information, visit www.wavelandgroup.com.
Headquartered in San Ramon, CA, Estech is a pioneer in the field of minimally invasive cardiac surgery and a leading provider of RF surgical ablation, least invasive valve (LiV) surgery and CABG products. In the U.S., Estech COBRA® products have a cardiac or soft tissue indication, while in Europe, Estech COBRA products are indicated for the surgical treatment of atrial fibrillation using RF surgical ablation. The COBRA line comprises the first technology invented, developed and brought exclusively to the surgical ablation market. Temperature-controlled RF energy delivery, suction-assisted tissue contact and internally-cooled devices provide superior ablation performance compared to other ablation systems. Estech’s ablation products are protected by a broad portfolio of over 75 issued patents including, but not limited to: U.S. Patent Nos. 7,115,122, 6,830,576, 6,579,288, 6,241,754, 5,651,780, and 5,575,772.
Source: Endoscopic Technologies
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