Cardiva Medical (Mountain View, California) said it has closed a $15.5 million private equity financing led by PTV Sciences. Also investing in this financing were existing investors Galen Partners, Sycamore Ventures, Amkey Ventures, Lexli Investment, and Eminent Venture Capital. Cardiva said it intends to use the proceeds of the financing for general corporate purposes, including the expansion of its U.S. sales force.

Glenn Foy, president of Cardiva, told Medical Device Daily that the company expects the Series D financing to carry it through to profitability.

Cardiva also said that Rick Anderson, a managing director with PTV Sciences, would join its board of directors. Prior to PTV Sciences, Anderson served as company group chairman for Johnson & Johnson (New Brunswick, New Jersey), and worldwide franchise chairman at Cordis (Miami Lakes, Florida). According to Cardiva, Anderson was a "key architect" behind the launch of the Cypher sirolimus-eluting coronary stent.

"When we started this process and started to get serious in the beginning part of February identifying an investor for Series D, we were looking for an investor that had a tremendous amount of commercialization experience," Foy said.

He said that PTV Sciences, particularly with Anderson, had the commercialization experience Cardiva was looking for, "so we thought they were an ideal fit for us."

"We are extremely excited about Cardiva's growth prospects," Anderson said in a statement. "Cardiva represents an outstanding opportunity to improve patient care by allowing patients to be discharged from the hospital faster without the complications usually associated with vascular closure devices, especially in interventional cardiology."

Cardiva develops devices designed to close the vascular access site. Its first product, the Boomerang Wire System, was approved in Europe and in the U.S. in 2004. Cardiva's second-generation product, the Boomerang Catalyst System, was approved in March 2007 and launched in July.

The enhanced Boomerang Catalyst, trade-named as the Boomerang Catalyst II System, received 510(K) clearance in September 2007 and launched in January.

The privately held company reported closing a $13.99 million Series C financing in May 2006 (Medical Device Daily, May 24, 2006), about a year after receiving $8.3 million in its Series B round of financing (MDD, June 24, 2005).

In other financing activity: InfoLogix (Hatboro, Pennsylvania) a technology provider of enterprise mobility solutions for the healthcare and commercial industries, said it has completed a senior debt financing of up to $25 million with Hercules Technology Growth Capital.

The company said the financing will restructure its senior debt through a new $10 million working capital revolving line of credit, which will increase to $12.5 million upon certain conditions, and a $12.5 million term loan facility.

InfoLogix recently reported revenues of $23.8 million for 1Q08 the highest quarterly revenues in company history, it said, which was an 80.6% increase over the same period of 2007.

InfoLogix provides technology and RFID-based intelligence solutions intended to enable the mobile enterprise.