LAGUNA HILLS, Calif., Aug. 3, 2011 /PRNewswire/ -- Vessix Vascular, Inc. (formerly known as Minnow Medical, Inc.), a developer of novel percutaneous radiofrequency (RF) balloon catheter technology, announced today that it has completed a $23 million Series B preferred stock financing.
The lead investor in the financing round was Edmond de Rothschild Investment Partners (EdRIP) of Paris, France. Also participating in the financing was NY-based OrbiMed Advisors, 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.
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 further 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.
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."
About EdRIP - Paris-based Edmond de Rothschild Investment Partners is dedicated to investments into privately owned companies. It has currently more than euro 800 million under management invested primarily as life sciences venture capital and growth capital. The life sciences team consists of seven professionals bringing together over 30 years of experience in the life science industry and more than 50 years of private equity and venture capital experience. The team has approximately euro 220 million under management, and raised its most recent fund, euro 150 million BioDiscovery 3 fund, in 2008. Edmond de Rothschild Investment Partners is part of La Compagnie Financiere Edmond de Rothschild. For more information please visit: www.edrip.fr
About OrbiMed Advisors, LLC. - OrbiMed Advisors is the largest healthcare-dedicated fund manager in the world. With approximately $5 billion under management and offices in New York, San Francisco, Tel Aviv, Shanghai, and Mumbai, OrbiMed offers the global resources to be an exceptional long term partner for its portfolio companies. For more information, please visit: www.OrbiMed.com
About NeoMed Management - NeoMed Management is an international investment firm, exclusively focusing on the healthcare and life science industry. Founded in 1996, NeoMed has established four funds, with total committed capital exceeding $200 million. NeoMed invests in early-stage life science companies with outstanding growth prospects. For more information please visit: www.neomed.net
About Christopher Weil & Company, Inc. - Christopher Weil & Company, Inc. is a San Diego-based FINRA-member Broker-Dealer and SEC Registered Investment Advisor that, together with affiliates, has sponsored and managed over fifty private equity funds formed to invest in real estate, oil/gas operations, small business equity, venture capital and specialty securities portfolios. For more information, please visit: www.cweil.com
About Vessix Vascular, Inc. - Vessix was initially founded in 2003 as Minnow Medical, Inc. Vessix 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 on Vessix Vascular, please visit the Company's website at www.vessixvascular.com or contact Matt Clawson at Allen & Caron Inc at 949-474-4300 or via email at firstname.lastname@example.org
SOURCE Vessix Vascular, Inc.