Sunnyvale, CA, April 25, 2011. -- Cardiva Medical, Inc. announced today it has closed the first tranche of a Series 2 private equity financing lead by PTV Sciences. Also investing in this financing were existing investors Galen Partners, Sycamore Ventures, and AmKey Ventures. The Company will use the proceeds of the financing to conduct clinical trials and seek U.S. Food and Drug Administration (FDA) approval and CE Marking for its VASCADE Vascular Closure System (VCS). The financing is structured to provide for additional closings of Series 2 to fund Cardiva s operations through FDA approval of VASCADE.
"We are excited about the opportunity to build a broad portfolio of closure products, said Charles Maroney, CEO. This financing will fund clinical trials for VASCADE which is designed to provide hemostasis in the interventional lab and offer competitive advantages over conventional vascular closure devices (VCDs). Maroney continued, With VASCADE, Cardiva can expand beyond its core Catalyst business and offer both VASCADE, a new generation, extravascular VCD or Catalyst, a manual compression assist device, to close all 10 million femoral access procedures performed world-wide every year."
Cardiva is testing VASCADE in the RESPECT clinical trial (Rapid Extravascular Sealing via PercutanEous Collagen ImplanT) at 20 leading medical institutions in the U.S. and one institution in Australia. The RESPECT trial is designed as a prospective, multi-center, randomized trial comparing VASCADE to manual compression, the conventional method used to close the femoral artery after catheterization.
Cardiva Medical, Inc. is a privately-held medical device company that designs, develops and commercializes femoral access closure products which help the body heal itself following percutaneous catheterization procedures. Annually, more than 12 million percutaneous catheterization procedures worldwide require closure. In 2005, Cardiva launched its first product into the vessel closure market, the Boomerang® Wire System, which demonstrated excellent ease-of-use and safety. In January 2008, Cardiva launched the Cardiva Catalyst® II, which incorporates hemostatic agents to accelerate the body s own coagulation pathway; facilitating hemostasis at the arteriotomy site, preserving the artery and leaving absolutely nothing behind in the patient. In May 2009, Cardiva launched the Catalyst III system that is coated with protamine sulfate which neutralizes heparin in the tissue tract and facilitates quick and efficient vessel closure in patients anticoagulated with heparin.
For additional information about Cardiva, please visit our website at www.cardivamedical.com.
Boomerang®, Boomerang Catalyst® and Cardiva Catalyst® are intended as adjuncts to manual compression and are registered trademarks of Cardiva Medical, Inc.
Chief Financial Officer
Cardiva Medical, Inc.