CircuLite™ Closes an Additional $5M in Series B Private Placement Funding
Additional Funding to Support Patient Enrollment and Endovascular System Animal Research
HACKENSACK, NJ, April 23, 2007 – CircuLite Inc., a medical device company focused on the development of a proprietary circulatory assist technology for the management of chronic heart failure, announced the closing of an additional $5M placement, thus completing a $25M Series B private placement.
Crédit Agricole Private Equity joins Forbion Capital Partners (formerly ABN AMRO Life Sciences), Oxford Biosciences Partners., Foundation Medical Partners., the lead investor, and SB Life Science Ventures in the $25M Series B funding. The $25M Series B funding will support the company’s First in Man trial in 2007, the start of the United States investigational device exemption Phase I Feasibility trial enrollment in 2008 and the animal research with the Endovascular System.
“We are very pleased that Crédit Agricole Private Equity has joined the Series B funding round,” said Paul J. Southworth, President and Chief Executive Officer of CircuLite. “The additional $5M investment will take CircuLite well into the US Phase I Feasibility trial and allow us to obtain the initial patient follow-up data. It will also allow us to start our animal evaluations of the endovascular system.”
“The technology developed by CircuLite goes far beyond the capabilities of the current circulatory assist devices to offer a new standard of care in the treatment of congestive heart failure”, added Alexia Perouse, Director at Crédit Agricole Private Equity. “The quality of the technology matched by the know-how of the American and European team were both instrumental in convincing us of the potential of CircuLite to become a key player in the cardiac devices field.” Alexia Perouse will join the board of CircuLite.
CircuLite is a privately held, medical device company developing a unique superficially placed circulatory assist device for the treatment of chronic heart failure. The company’s Synergy™ Pocket Circulatory Assist device is in preclinical studies and the company is preparing for the First in Man implant in 2007. The Synergy device features a micro-pump that is placed superficially in the “pacemaker pocket”. The micropump is minimally invasively connected to the Left Atrium and the Subclavian Artery, and can pump up to 3 liters of blood flow per minute. The minimally invasive placement of the device will allow the transformation of the treatment of chronic heart failure patients from the acute decompensated hospitalized patient to the chronic, ambulatory heart failure patient.
About Crédit Agricole Private Equity
Crédit Agricole Private Equity is an AMF-accredited asset management subsidiary of Crédit Agricole S.A., specialising in private equity investment in non-listed companies across a range of industries. A team of 40 investors operating in several areas (Later-Stage Financing & LBO, Venture Capital, Secondary Market, Mezzanine, Renewable Energies, PPP Infrastructure, liquidity solutions, etc.), manages €1.5 billion through venture and innovation funds.
For further information, please contact:
Paul J. Southworth, President and CEO: +1-201-543-2430
Gail G. Farnan , Vice President, Marketing: +1-201-543-0337
Crédit Agricole Private Equity
Transaction contact: Alexia Perouse – Tel. 01 43 23 95 94 – firstname.lastname@example.org
Press contact: Martine Sessin-Caracci – Tel. 01 43 23 90 88 – email@example.com