Healthcare Industry News: abdominal aortic aneurysm
News Release - June 27, 2012
Aptus Endosystems Completes $25 Million Series BB FinancingFunding Supports Commercialization and Product Development Efforts 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 closing on $25 million of equity financing. Synergy Life Science Partners, a new investor, led the round and was joined by existing investors US Venture Partners and Longitude Capital Management. Mudit K. Jain, Ph.D., Partner at Synergy Life Science Partners will join the company’s Board of Directors.
Proceeds from the financing will be used to expand commercialization of the HeliFX™ Aortic Securement System in the United States and Europe, where the company has already obtained US Food and Drug Administration (FDA) clearance and CE Mark, respectively. In addition, Aptus will develop further HeliFX product offerings to fulfill unmet needs in the treatment of aortic aneurysms and thus increase the patient population who could benefit from HeliFX. The company also plans to execute a US clinical trial of the Fortevo™ AAA Endograft System in support of filing for Premarket Approval with the FDA. Lastly, Aptus will expand utilization of the Fortevo system in key European centers, where it already possesses the CE Mark.
“This commitment on the part of Synergy Life Sciences Partners and our current investors provides the company with necessary capital required to bring the HeliFX and Fortevo family of products to physicians treating patients with life threatening aortic aneurysms,” said James Reinstein, President and CEO of Aptus Endosystems. “We will judiciously utilize these funds to expand the use of HeliFX in targeted markets and introduce new aortic repair products, all while approaching profitability.”
“Aptus’ HeliFX and Fortevo technology platforms provide an innovative treatment option for millions of patients suffering from AAA,” said Mr. Jain. “We believe that Aptus’ proprietary technology and world class management team uniquely position the company for significant growth in years ahead.” Alan Kaganov, Sc. D, Partner at US Venture Partners and Chairman of the Aptus Board added that “USVP is very encouraged by the accomplishments of the Aptus team. We welcome Synergy Life Science Partners to Aptus and collectively, we will continue to support the company’s endograft and fixation platforms to ensure that both patients and physicians have access to a new standard in long-term durability in EVAR.”
About Aptus Endosystems, Inc.
Headquartered in Sunnyvale, Calif., Aptus Endosystems is a privately held medical device company focused on developing advanced technology for endovascular aneurysm repair (EVAR). An estimated 1.5 million Americans have an abdominal aortic aneurysm (AAA), which can be life-threatening if left untreated and approximately 200,000 people are newly diagnosed each year. Aptus Endosystems has developed a unique endograft and innovative helical anchor technology that allows physicians to perform minimally invasive EVAR while still providing the control and potential long term durability of an open surgical repair. The FortevoTM AAA Endograft System and the HeliFXTM Aortic Securement System bear the CE Mark for distribution in the European Union. The HeliFX Aortic Securement System is cleared by the FDA for distribution in the United States. The Fortevo AAA Endograft System is Investigational Use Only in the United States. For more information, please visit www.aptusendosystems.com.
Source: Aptus Endosystems
Issuer of this News Release is solely responsible for its
Please address inquiries directly to the issuing company.