A Medical Device Daily

ViOptix (Fremont, California) said it has raised $12.2 million in a Series D round of financing. Channel Medical Partners led the financing round.

The company said it has raised about $28.7 million since its inception in 1999.

Other investors include Lincoln Funds International and existing investors Canadian Medical Discoveries Fund and Morningside Technology Ventures Limited. In conjunction with this financing, W. Gregory Shearer, founder and principal of Channel Medical Partners, will join the ViOptix board of directors.

Merriman Curhan & Ford served as financial advisors to ViOptix.

“I am pleased by the interest in ViOptix and thank our new investors, as well as current shareholders for their ongoing support,” said Larry Heaton II, president/CEO and chairman. “ViOptix has made significant progress during the past year in commercializing its products for reconstructive microsurgery. I look forward to working closely with our investor group as we collaborate to build a strong business in tissue oximetry.”

Proceeds from the financing will be used to develop and launch additional clinical applications from the core platform technology and expand the company’s presence in the microsurgery market, VioOptix said. Funding will also support the company’s clinical trials program, in-licensing activities and international expansion, it noted.

“ViOptix is positioned well for growth with its platform technology which lends itself to the development of numerous products with multiple pathways for commercialization. We look forward to working with the company at this exciting time,” Shearer said.

ViOptix makes products for tissue oximetry, measuring oxygen saturation levels in tissues. Its first product, the ODISsey system, received FDA clearance in January 2005 for the measurement of localized tissue oxygenation levels for critical care applications.