Healthcare Industry News: abdominal aortic aneurysm
News Release - August 30, 2010
Aptus Endosystems Completes $15 Million Series AA FinancingFunding will Support Further Clinical Activity for Novel Aortic Aneurysm Treatment
SUNNYVALE, Calif.--(Healthcare Sales & Marketing Network)--Aptus Endosystems, Inc., a medical device company developing advanced technology for endovascular aneurysm repair (EVAR), announced the completion of a $15 million Series AA financing. U.S. Venture Partners and Longitude Capital led the round in continuation of their commitment to Aptus’ innovative technologies for the treatment of aortic aneurysms. Aptus is developing the Aptus Endovascular AAA Repair System, which includes both a proprietary Endograft and the revolutionary EndoStapling System. The Repair System provides a durable alternative to open surgical repair by separating the functions of aneurysm exclusion and endograft fixation.
The financing follows management’s successful execution on multiple milestones during 2010, including obtaining the CE Mark for the Aptus Endovascular AAA Repair System, continuing clinical activity in Europe, and completing the STAPLE-2 U.S. clinical study. Proceeds from the financing will be used to advance clinical and commercial development in Europe and continue the U.S. regulatory processes related to the Aptus EndoStapling System as both a stand-alone product and as part of the Aptus Endovascular AAA Repair System. The company is also pursuing development for a thoracic aortic aneurysm (TAA) repair system and further innovation of its abdominal aortic aneurysm (AAA) repair system.
Aptus’ new leadership team, headed by CEO Jeff Elkins, was formed over the course of the last 8 months and possesses deep and direct domain experience in endovascular aneurysm repair. Key members of the group have led the development and commercialization of market leading endograft platforms and Mr. Elkins believes that their track record of success will continue at Aptus.
“Subsequent to completing our first series of EndoStapling System cases in Europe, we are pleased to receive additional financial support from our venture capital investors,” commented Mr. Elkins. “Their continued support reflects the strong interest in our technology that we have experienced from the EVAR community as well as their confidence in the new Aptus team. We look forward to accelerating our clinical and commercial efforts in order to bring our novel Aptus Endograft and EndoStapling System to patients in need of low profile delivery without compromises in device design, fixation, and treatment durability.”
“USVP is very encouraged by the accomplishments of the Aptus team,” stated Alan Kaganov Sc.D., Partner at U.S. Venture Partners and Chairman of the Aptus board. “We will continue to support the company’s endograft and fixation platforms to ensure that both patients and surgeons have access to a new standard in long-term durability when an EVAR procedure is dictated.”
“Aptus’ management team is executing very well against their plan to bring EndoStapling technology to patients in Europe this year and the United States in 2011,” added Marc Galletti, Managing Director at Longitude Capital. “We are pleased to continue our on-going support of the company.”
About Aptus Endosystems, Inc.
Aptus Endosystems is a privately held medical technology company that has developed advanced technology for the endovascular treatment of aortic aneurysm disease. Founded in 2002, Aptus Endosystems has developed a unique endograft and endovascular stapling system that provides a durable alternative to open surgical repair by separating the functions of aneurysm exclusion and endograft fixation. The innovative helical staple technology enables independent endograft fixation, and is designed to approximate suturing in an open surgical anastomosis. The result is low profile delivery with no structural compromises, allowing surgeons to treat abdominal aortic aneurysms through a minimally invasive approach while still providing the control of an open surgical repair. The Aptus Endovascular AAA Repair Systems bear the CE Marking for distribution in the European Union. These products are Investigational Use only in the United States. For more information, please visit www.aptusendosystems.com.
Source: Aptus Endosystems
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