By Lisa Kerner
Erie, Pa., Jan. 19 - CardioOptics, Inc. said it has closed a round of series B financing for $26.5 million.
The company said the proceeds will be used to commercialize CardioOptics' first product, the Food and Drug Administration-approved Coronary Sinus Access System designed for vision-guided implantation of cardiac resynchronization therapy pacemakers to treat heart failure.
Funds will also be used to complete development of the company's novel therapeutic catheter ablation system to treat atrial fibrillation. Both products incorporate CardioOptics proprietary infrared fiberoptic Trans-Blood Vision technology.
The round was led by new investor Novo A/S and joined by Investor Growth Capital, Inc., The Hillman Co., and Rockport Venture Partners, who are also new investors in the company. Existing investors Cardinal Partners, Sequel Venture Partners and Primus Venture Partners all participated.
As part of this financing, Jack B. Nielsen from Novo A/S and Stephen M. Campe from Investor Growth Capital have joined CardioOptics' board of directors.
"We are very pleased with the results of this oversubscribed financing and look forward to the extensive health care industry experience Jack Nielsen and Steve Campe bring to our team," said Todd F. Davenport, CardioOptics' president and chief executive officer, in a company news release. "This is an exciting time for the Company as we begin to roll out the CSA System this quarter in the U.S. market and finish developing our next-generation AF catheter ablation system in preparation for clinical trials in 2007."
This round follows a $7.5 million series A in 2002 led by Cardinal Partners, the company's largest shareholder.
CardioOptics, based in Wilmington, Mass., is developing and commercializing catheter-based systems for percutaneous treatment of cardiovascular disease.
| Issuer: | CardioOptics, Inc.
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| Issue: | Series B financing
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| Amount: | $26.5 million
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| Investor: | Novo A/S (lead), Investor Growth Capital, Inc., The Hillman Co., Rockport Venture Partners, Cardinal Partners, Sequel Venture Partners, Primus Venture Partners
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| Announcement date: | Jan. 19
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