A Medical Device Daily
NovoStent (Santa Clara, California), a company developing what it terms an “anchored” helical stent system for a range of vascular therapies, reported an initial closing on $9.65 million of new financing.
Michael Hogendijk, NovoStent’s president and founder, said that the new funding “will allow our new stent platform to enter human clinical trials in both large and small vessels . . . We are motivated by the confidence of our new investor group and their track record of supporting and building successful medical device companies.”
NovoStent said its stent and delivery “combine the ease of deployment of traditional slotted tube stents and the flexibility of helical stents producing a simple and accurate zero-foreshortening delivery.” It says the “anchor” and helical platform provide “superior durability, flexibility and compression resistance in competitive or smaller crossing profiles.”
It added that these features would be initially demonstrated in the superficial femoral artery (SFA) during the company’s first human trial.
Timothy Mills, PhD, of Sanderling Ventures, and Howard Palefsky of Montreux will join Hogendijk and chairman Paul Quadros of Tenex Greenhouse Ventures on the NovoStent board.
Tenex Greenhouse Ventures led the seed round, which closed in September 2003, and included the Band of Angels Fund plus individual investors from the Band of Angels, Tenex Medical Investors and the Sacramento Angels.
The financing was led by Sanderling Ventures, and included Montreux Equity Partners, the Band of Angels Fund and Peninsula Equity Partners.
In other financing activity:
• Molecular diagnostics company EraGen Biosciences (Madison, Wisconsin) and Bayer HealthCare’s (Tarrytown, New York) Diagnostics Division said that EraGen has licensed its MultiCode-PLx system to Bayer HealthCare in an exclusive worldwide agreement for cystic fibrosis.
Bayer HealthCare will provide laboratories with a rapid, easy-to-use cystic fibrosis assay capable of being automated for mutation carrier screening, as well as for neonatal and newborn testing.
The agreement also provides Bayer HealthCare with additional rights enabling Bayer HealthCare to expand its presence in the genetics-based diagnostics testing market with a number of assays for other disease states.
Bayer HealthCare previously licensed EraGen’s technology for use in its FDA-approved HIV, HCV and hepatitis B Versant assays.