By E. Janene Geiss
Philadelphia, May 23 - Cardiva Medical, Inc. said Tuesday that it has closed a $13.99 million series C financing round.
Galen Partners led the round. Other investors included existing investors Stockton Partners, Sycamore Ventures, Harbinger VC Corp., W.I. Harper Group and Amkey Ventures.
"This financing will allow Cardiva to continue its rapid sales growth in the U.S. and accelerate the development and regulatory clearance of its future products to the marketplace," Zubeen Shroff, managing director of Galen Partners, said in a company news release.
The company said its focus is on developing and commercializing vascular access management and closure devices with unsurpassed safety and ease of use when compared to existing closure options.
The Boomerang Wire System has been cleared by the Food and Drug Administration to assist clinicians in managing and closing femoral artery puncture sites, following percutaneous procedures including angiography, angioplasty or stenting. The Boomerang Wire System also has obtained the CE Mark, which will allow commercialization in the European Union, officials said.
Following FDA clearance, the company said it began actively marketing the Boomerang device through its direct sales organization in the United States in first half of 2005.
The global vascular closure market opportunity is estimated to be $1 billion to $1.5 billion, the company said.
Cardiva is a privately held medical company based in Mountain View, Calif.
| Issuer: | Cardiva Medical, Inc.
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| Issue: | Series C financing
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| Amount: | $13.99 million
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| Investors: | Galen Partners (lead), Stockton Partners, Sycamore Ventures, Harbinger VC Corp., W.I. Harper Group, Amkey Ventures
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| Closing date: | May 23
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