FREMONT, Calif., Jan. 10 /PRNewswire/ -- ViOptix Inc. announced today
that it has raised $12.2 million in a Series D round of financing. The
round was led by Channel Medical Partners, a leading venture investor in
emerging growth medical technology companies. This latest round of
financing brings the total amount raised by the company, since its
inception in 1999, to approximately $28.7 million.
In addition to Channel Medical Partners, other investors include
Lincoln Funds International and existing investors Canadian Medical
Discoveries Fund and Morningside Technology Ventures Limited. In
conjunction with this financing, W. Gregory Shearer, Founder and Principal
of Channel Medical Partners, will join the ViOptix Board of Directors.
Merriman Curhan & Ford served as financial advisors to ViOptix.
"I am pleased by the interest in ViOptix and thank our new investors,
as well as current shareholders for their on-going support," said Larry C.
Heaton II, President, Chief Executive Officer and Chairman of ViOptix.
"ViOptix has made significant progress during the past year in
commercializing its products for reconstructive microsurgery. I look
forward to working closely with our investor group as we collaborate to
build a strong business in tissue oximetry."
Proceeds from the financing will be used to develop and launch
additional clinical applications from the core platform technology and
expand the Company's presence in the microsurgery market. Funding will also
support the Company's clinical trials program, in-licensing activities and
"ViOptix' use of near infrared technology and proprietary algorithms to
measure oxygen saturation in local tissue gives the clinician the
opportunity to avert serious adverse clinical outcomes before symptoms are
detectable by any other means," said Dr. Gerald Chan, Managing Director of
Morningside Technology Advisory, LLC. Morningside is a founding and leading
investor in ViOptix.
"ViOptix is positioned well for growth with its platform technology
which lends itself to the development of numerous products with multiple
pathways for commercialization. We look forward to working with the Company
at this exciting time," commented Gregory Shearer, Principal and Founder of
Channel Medical Partners.
Dr. Michael Cross, Senior Vice President for Jove Investment
Management, a major investor in ViOptix Inc. through its Canadian Medical
Discoveries Fund, remarked, "Tissue oximetry technology has broad
applications in healthcare, but we are still in the early stages of
applying the technology to the many potential clinical indications. ViOptix
is well along its way to commercial success with its initial application of
tissue oximetry technology for reconstructive microsurgery, and has many
additional opportunities for new clinical applications to bring to market."
About ViOptix Inc.
ViOptix Inc. develops, manufactures and markets innovative proprietary
products for tissue oximetry, measuring oxygen saturation levels in
tissues. The Company's products and products under development consist of
near infrared generators and single-use disposable sensor devices. Its
first product, the ODISsey System, received U.S. Food and Drug
Administration clearance in January 2005 for the measurement of localized
tissue oxygenation levels for critical care applications. For more
information on the Company or its products, visit the Company's website at
About Canadian Medical Discoveries Funds
The Canadian Medical Discoveries Funds (CMDF) is a labour-sponsored
venture capital investment fund (LSIF). Established in 1994, CMDF is
Canada's most mature health sciences LSIF specifically targeting
biotechnology, pharmaceuticals, diagnostics, medical devices and imaging
products and other special life sciences opportunities. Together the funds
have approximately $200 million in managed assets and have venture capital
investments in more than 30 companies involved in health sciences,
biotechnology, diagnostics, medical devices, drug discovery and
development, health care delivery services and e-health. CMDF offers
investors long-term performance potential, 100% RRSP-eligibility and,
through its labour-sponsored investment fund structure, eligibility for
substantial tax credits. For further information, please contact Canadian
Medical Discoveries Fund at (416) 601-2435, or contact via e-mail at
About Channel Medical Partners
Channel Medical Partners is a leading emerging growth investor in
medical technology companies. This stage of financing has historically
represented a narrow channel or bottleneck for emerging growth companies -
the point in their development between the substantial capital provided by
earlier stage venture capital investors and that provided by institutions
focused primarily on public companies. The firm has a demonstrated record
of success in not only providing capital, but in enabling and ensuring the
commercial success of its portfolio companies. The Principals at Channel
believe that the commercialization process has emerged as a critical
activity at venture-backed companies and that their success has, in part,
been driven by this trend. For more information, please visit
About Morningside The Morningside group is a diversified investment
group founded in 1986 by the Chan family which is the controlling
shareholder of the Hang Lung Group in Hong Kong. Morningside is engaged in
both private equity and venture capital investments in North America,
Europe and across Asia Pacific. In recent years, leveraging on its
experience investing in biotechnology companies in North America,
Morningside has become the leading investor in the life science sector in
SOURCE ViOptix Inc.