August 21, 2014 — Cardiva Medical Inc. said it closed the first two tranches of a $16.5 million Series 3 private equity financing and a $12.5 million senior secured facility with GE Capital. The company will use the proceeds of the Series 3 private equity financing and debt facility to expand commercial efforts for its Vascade vascular closure system in the United States.
Investing in Series 3 private equity financing was a new investor, Canepa Advanced Healthcare Fund L.P., who joined existing investors PTV Sciences, AmKey Ventures and TriVentures II Fund L.P. Paul Enever from Canepa U.S. LLC, which serves as Investment Advisor to Canepa Advanced Healthcare Fund L.P., has joined the Cardiva board of directors.
"We are extremely pleased that Canepa Advanced Healthcare, L.P. has joined Cardiva's current investors in this financing and that Paul Enever has joined our board of directors," said Charles Maroney, CEO. Maroney continued, "With the Series 3 equity financing and GE debt facility, Cardiva now has the financial resources to establish Vascade as a leading extravascular closure technology, which we believe can benefit both patients and healthcare providers in the United States by minimizing complications and associated costs and improving patient care when compared to conventional vascular closure devices."
"Cardiva's product platform offers the potential to transform the vascular closure market by improving both patient safety and comfort," said Paul Enever of Canepa U.S. LLC. Enever continued, "Vascade leverages Cardiva's Catalyst platform, [which] has been utilized effectively in more than 400,000 procedures since its initial launch into the U.S. market in 2007." We are delighted to add Cardiva to our investment portfolio of emerging growth medical device companies that are focused on improving patient outcomes while reducing the cost of medical care."
Cardiva Medical develops and commercializes vascular closure technology designed to help the body heal itself following catheterization. The company's products include Vascade, a next generation extravascular closure system, and Catalyst II and Catalyst III, which are designed to aid manual compression.
Vascade was approved by the U.S. Food and Drug Administration (FDA) in 2013 and approved for CE marking in 2012. Catalyst II and Catalyst III were cleared for marketing by the FDA in 2007 and 2009, respectively.
For more information: www.cardivamedical.com