Vessix Vascular Gains Financing for RF Balloon Catheter
August 5, 2011 — Vessix Vascular Inc. (formerly known as Minnow Medical Inc.), developer of novel percutaneous radiofrequency (RF) balloon catheter technology for peripheral leg vessels, announced it has completed a $23 million Series B preferred stock financing.
Use of proceeds from the financing will provide working capital to accelerate product development initiatives and funding for a series of multi-center clinical trials to expand clinical indications for the company's patented RF balloon catheter technology.
In conjunction with the financing, Vessix Vascular established a European subsidiary based in Paris to support planned European clinical studies and anticipated commercial product launches.
The lead investor in the financing round was Edmond de Rothschild Investment Partners (EdRIP) of Paris, France. Also participating in the financing was New York-based OrbiMed Advisors and CDF Dinova Venture Partners of Hong Kong along with existing investors NeoMed Management, Christopher Weil & Company and Laguna Hills-based Fjord Invest LLC. Subsequent to the close of the transaction, Raphael Wisniewski of EdRIP and Vince Burgess of OrbiMed have been appointed to the Vessix board of directors.
Raymond W. Cohen, chief executive officer of Vessix, said, "We are encouraged that this group of world class investors and strategic partners has recognized the potential of the Vessix technology and the large patient populations that could benefit from commercialization of our products. Over the next year, we intend to move into a number of new clinical applications where our technology is well suited."
Vessix was initially founded in 2003 as Minnow Medical Inc. It is a privately held pre-revenue stage company developing novel radiofrequency balloon catheter technology. The company's initial product, the ZCath System, has a CE mark for use in reducing plaque in peripheral leg arteries.
For more information: www.vessixvascular.com