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News and Information Article
Proceeds to Further Expand Sales Organization
MOUNTAIN VIEW, Calif., May 23 // -- Cardiva Medical, Inc., a
privately held medical device company, announced today it has closed a
$13.99 million Series C financing. Cardivas 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 financing was lead by Galen Partners; and included existing
investors Stockton Partners, Sycamore Ventures, Harbinger VC Corp., W.I.
Harper Group, and Amkey Ventures.
"The completion of this financing, with such a well-respected investor
group is a significant milestone for us," commented Augustine Lien,
Founder, Chairman and Chief Executive Officer of Cardiva. "The high level
of interest we received from investors further validates the strength of
our business model, the market adoption of the Boomerang technology, and
the ability of the management team to execute its business plan."
"We think that Cardiva and its Boomerang(TM) technology have the
ability to become the market leader in vascular access site management and
closure," said Zubeen Shroff, Managing Director of Galen Partners. "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."
Dr. Ken Goldman, Managing Director of Stockton Partners, commented,
"Galen Partners will add tremendous healthcare business scale-up expertise
to Cardivas Board of Directors, which will be important as Cardiva moves
forward". Dr. Goldman further noted, "With the support from Cardivas
Medical Advisory Board of leading physicians, the seasoned management team
at Cardiva has done an excellent job in developing and commercializing the
Boomerang(TM) technology, which has directly led to the success of this
financing."
The Boomerang(TM) Wire System has been cleared by the U.S. 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(TM) Wire System has
obtained the CE, which will allow commercialization in the European Union.
Following FDA clearance, the company began actively marketing the
Boomerang(TM) 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.
About the Boomerang(TM) Wire System
The Boomerang(TM) Wire System is designed to be more comfortable and
cost- effective for patients undergoing manual compression of the femoral
artery opening, and also provide unsurpassed safety and ease-of-use when
compared to existing vascular closure devices used to close the femoral
artery following catheterization.
It is estimated that almost twelve million percutaneous
catheterizations are performed world-wide, with approximately 70% being
diagnostic angiography. At the end of the percutaneous procedure, the thin
Boomerang(TM) device is inserted into the artery through the existing
arterial sheath used during the catheterization procedure. Once inside the
artery, the Boomerang device opens a flat, low-profile disc. Upon removal
of arterial sheath, the Boomerang disc is positioned against the opening of
the femoral artery forming a tight seal and immediate hemostasis.
Once the patient arrives into the recovery room, the Boomerang disc is
collapsed and completely removed from the artery, leaving nothing behind in
the tissue tract or artery. Final closure occurs with just a few minutes of
finger pressure of the arterial puncture site. The safety and ease of use
of the Boomerang(TM) device is in sharp contrast to the traditional methods
doctors have used to close the opening of the femoral artery, which include
manual compression directly over the femoral puncture site or vascular
closure devices, which use various biomaterials (e.g., collagen, sutures,
staples, or gels) to create a physical seal of the opening in the femoral
artery.
About Cardiva Medical, Inc.
Founded in July, 2002, and headquartered in Mountain View, Calif.,
Cardiva Medical, Inc. is a privately held medical company focused on
developing and commercializing vascular access site management and closure
devices with unsurpassed safety and ease-of-use. Cardiva Medical, Inc. is
funded by leading venture capital investors, including Galen partners,
Stockton Partners, Sycamore Ventures, Harbinger Venture Corp., and W.I.
Harper Group. Additional information about Cardiva Medical, Inc. can be
found on http://www.cardivamedical.com.
About Galen Partners
Galen Partners is a New York-based private equity firm, founded in 1990
and focused exclusively on providing equity financing to mid-to-later stage
growth companies in the healthcare industry. With $648 million under
management raised through four funds, Galen has invested in more than 60
companies. The firm emphasizes investments within medical device,
technology- enabled outsourcing services and specialty pharmaceutical
sectors. Galens approach, called Collaborative Capital, enables them to
work with company management to create disruptive strategies that generate
revenue growth and help achieve full market potential. Over the past
sixteen years, Galen Partners has been particularly adept at identifying,
backing and developing future trend-setting, industry leaders including:
Pyxis Corporation (a Cardinal Health company), CryoLife, Inc. (CRY), Encore
Medical Corporation (ENMC), Lumenos, Inc. (a Wellpoint company), Ocular
Sciences, Inc. (a CooperVision company), MiniMed, Inc. (a Medtronic
company), Medicode, Inc. (a United Healthcare company), Stericycle, Inc.
(SRCL), Taro Pharmaceutical Industries Ltd. (Taro), Vasogen, Inc. (VSGN)
and Vitas Healthcare Corporation. For more information about Galen Partners
please visit http://www.galenpartners.com.
About Stockton Partners
Stockton Partners provides venture capital funding to companies in the
fields of medical devices, life science enabling tools, biotechnology,
pharmaceuticals, and medically-related IT. Based in New York City, Stockton
Partners was founded by prominent US and UK investors from the medical,
pharmaceutical and financial services worlds. It is led by highly
experienced medical analysts and advisors. Stockton Partners takes a
hands-on approach, providing portfolio companies with strategic advice,
management consulting and an extensive network of contacts throughout the
global medical and financial fields.
About Sycamore Ventures
Sycamore Ventures is a team of dedicated investment professionals with
a broad range of industry experiences in communication, software, and life
sciences. In August 1995 Sycamores managing partners spun out of Citicorp
Venture Capital Ltd. where they had aggregate investment experience of more
than 45 years. Today, Citigroup remains one of Sycamores largest
investors. Sycamore manages more than $550 million in committed capital.
NOTE: Cardiva, Boomerang are trademarks/registered trademarks of Cardiva
Medical, Inc.
Media Contacts: Glenn Foy, President
Cardiva Medical, Inc.
Phone: 650-964-8900, x 215
Fax: 650-964-8911
glenn_foy@cardivamedical.com
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