A Medical Device Daily
Cappella (Wilmington, Delaware/Galway, Ireland) reported that it has completed a $17.3 million series C investment, led by new investors Fountain Healthcare Partners and Mitsui & Co. Venture Partners (MCVP). Enterprise Ireland also participated in this round alongside Cappella's existing investors, Polytechnos Partners and ACT Venture Capital.
Proceeds will be used to finance the launch of Cappella's Sideguard Sidebranch stent for the treatment of bifurcated vascular disease in Europe and to advance key R&D programs in Galway on additional applications of Cappella's technology in complex coronary artery disease.
CEO Art Rosenthal said, "This funding will allow us to expand our pipeline, to supplement on-going clinical studies and to successfully launch our first product, the Sideguard Sidebranch stent. We believe our proprietary products will treat many types of bifurcation disease, including left main bifurcation disease. In 2008, this was a $1 billion worldwide market and it is growing annually."
Ena Prosser, of Fountain Healthcare Partners, said, "We are delighted to invest in Cappella at a very strategic point in the company's development. From our perspective, Cappella have a differentiated product offering for the treatment of coronary heart disease. Cappella's impressive management team and top-class scientific advisory board will drive rapid adoption of the Sideguard Sidebranch stent in Europe and its successful clinical development in the U.S."
In other financing news:
• Anulex Technologies (Minneapolis) closed its fourth round of private equity financing, totaling roughly $10.2 million. Investors leading the round include Affinity Capital, Delphi Ventures, MB Venture Partners, New Enterprise Associates, SightLine Partners and Split Rock Partners.
President/CEO Rich Lunsford said, "This financing will give us the ability to complete the enrollment and follow-up phases of our ... Xclose post-market clinical study with the goal of providing further evidence to support the benefits of preservation and repair of the anulus. It will also provide additional investment for our U.S. commercialization efforts and further support the company's innovative research and development strategy."
Anulex develops soft-tissue repair products with primary interests in treatments for the soft tissues of the spine.
• Pulmo BioTech (New York) said that it has entered into an exclusive agreement with Moody Capital Solutions to secure up to $7.5 million in funding to enable the company to complete Phase II/III approvals for its pulmonary hypertension diagnostic product candidate PulmoBind.
• Quest Diagnostics (Madison, New Jersey) reported the pricing determination for its previously noted cash tender offer to purchase up to $200 million total aggregate principal amount of its 5.125% senior notes due 2010 and 7.50% senior notes due 2011.
Quest will pay holders who tendered and did not withdraw their notes at or prior to 5 p.m., EDT on June 2 the total tender offer consideration of $1,021.49 for each $1,000 principal amount of its 5.125% senior notes due 2010 accepted for purchase and $1,050.44 for each $1,000 principal amount of its 7.50% senior notes due 2011 accepted for purchase, plus, in each case, accrued and unpaid interest up to, but not including, the settlement date.