Volcano Therapeutics, Inc. Completes Comprehensive Financing Package In Excess of $50 million
RANCHO CORDOVA, Calif., Dec. 10 -- PRNewswire/AsiaNet
Volcano Therapeutics, Inc., a leading manufacturer of invasive cardiac diagnostic medical devices, announced today the completion of a comprehensive financing package with proceeds totaling over $50 million. Volcano Therapeutics is focused on the discovery, development and commercialization of products for the diagnosis and treatment of atherosclerosis and vulnerable plaques in the coronary or peripheral arteries. Vulnerable plaques are the leading cause of heart attacks that kill over 1 million people worldwide each year.
Participating in the financing were existing investors Domain Associates, Johnson & Johnson Development Corporation, Medtronic, Neomed, and Mayo Medical Ventures. New investor Ferrer, Freeman & Company ("FFC") contributed significant capital to the financing and will appoint a member to Volcano's board of directors. FFC is a private equity firm based in Greenwich, CT that invests exclusively in health care and health care-related companies and has over $500 million under management. Silicon Valley Bank and Western Technology Investment have also provided secured debt facilities to the company.
"We are very pleased with the results of these financings and the high caliber of our financial investors. This is a positive endorsement for Volcano's technology platforms and demonstrates a high level of investor confidence in our current market potential. Intravascular Ultrasound (IVUS) is playing a more prominent role in the world of interventional cardiology with the introduction of drug eluting stents and the measurement of plaque regression for patients on systemic statin therapies. Proceeds from the financings will be used to support Volcano's strategy to develop and market groundbreaking new technologies for the diagnosis and treatment of atherosclerosis, with the first being the planned commercialization of Virtual Histology(TM) IVUS technology in mid-2004. Volcano plans to add Virtual Histology(TM) IVUS technology to its installed base of more than 1,200 IVUS consoles currently in clinical use worldwide," said Scott Huennekens, President and CEO.
About Cardiovascular Disease
Cardiovascular disease is America's number one killer. Over one million people in the United States suffer heart attacks each year and over half of these people die; that equates to 10,000 people each week or one person every minute. Prior medical understanding was that fat laden material slowly built up on the surface of passive artery walls. It was believed that eventually the artery was clogged resulting in a heart attack. Scientists now understand that most heart attacks do not happen in this manner. Instead, new medical discoveries now show that heart attacks are caused by undetected vulnerable plaques that are embedded in the artery wall, which become inflamed and then rupture causing deadly heart attacks. Volcano products such as IVUS and Virtual Histology IVUS are expected to be important tools for the physician in diagnosing disease of the arterial wall.
About Volcano Therapeutics
Volcano Therapeutics, Inc. is a privately held medical device company. Founded in 2001 as a company focused on the discovery, development and commercialization of products for the detection and treatment of atherosclerosis and vulnerable plaques in the coronary arteries and peripheral vascular system, Volcano Therapeutics recently acquired the IVUS and functional measurement business units of JOMED NV. Products include IVUS and functional measurement guidewires and systems formerly marketed under the EndoSonics and Cardiometrics names. With direct distribution in the US and Western Europe, Volcano Therapeutics, Inc. is currently one of the world's leading providers of innovative diagnostic solutions to the interventional cardiology field. For more information, please visit www.volcanotherapeutics.com.
SOURCE: Volcano Therapeutics, Inc.
CONTACT: United States,
Scott Huennekens, President & CEO, or
John Dahldorf, Chief Financial Officer,
+1-916-638-8008, or
fax, +1-916-638-8112, or
Europe & Middle East,
Michel Lussier,
General Manager,
+32 2 679 1076, or
fax, +32 2 679 1079, all of Volcano Therapeutics, Inc.
Web site: http://www.volcanotherapeutics.com /
--Distributed by AsiaNet (www.asianetnews.net)--
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