Advanced Bypass Technologies Inc. Completes Series B Financing.

PLEASANTON, Calif.--(BW HealthWire)--Aug. 30, 1999--

Former Head of Molecular Biosystems to Lead Medical Device Company

Focused on Commercialization of Rapid, Sutureless Anastomosis System

Advanced Bypass Technologies Inc. (ABTI), a privately held company involved in the development and commercialization of novel medical devices that allow rapid delivery of sutureless anastomoses in surgical bypass grafting procedures, announced today that it has completed its Series B round of financing and has received an undisclosed amount of capital from St. Paul Venture Capital, Windamere Venture Partners, LLC, and other private investors.

The company also announced that Kenneth J. Widder, M.D., has been named chairman, president and chief executive officer. Dr. Widder is the former founder, chairman and CEO of Molecular Biosystems (NYSE:MB) the developer of OPTISON(R) the only approved ultrasound contrast agent for cardiac imaging. He is a general partner of Windamere Venture Partners LLC and a Founder of FeRx Inc. Dr. Widder is currently chairman of the San Diego Regional Technology Alliance and served on the Governor's Biotechnology Advisory Council for the State of California. He completed his medical training at Northwestern University and his residency at Duke University.

"Advanced Bypass Technologies' business strategy is to aggressively commercialize its surgical anastomotic system for use in coronary and peripheral vascular bypass procedures, with a longer term goal of being able to effectively deliver bypass grafts through a catheter-based system," said Dr. Widder. "As cardiothoracic surgeons continue to embrace minimally invasive techniques such as 'beating heart' coronary bypass procedures, it has become clear that there is a growing need for improved anastomotic systems that offer meaningful advantages over traditional sutures."

Each year, there are approximately 1.3 million surgical bypass procedures performed globally, including nearly 700,000 coronary artery bypass graft procedures. This procedural base generates over 5 million unique anastomoses annually.

"We believe that our anastomotic system will be the first to allow physicians to complete both ends of a bypass graft without the need to stop or reroute blood flow to the target vessels," added Widder. "In addition, our system should be much faster and less technique dependent than traditional sutures and other competitive systems under development."

Since its inception the company has focused on deepening and broadening its intellectual property portfolio, while moving rapidly through the early phases of product development.

Advanced Bypass Technologies Inc., is a Pleasanton, Calif. based company engaged in the development and commercialization of novel medical devices that allow rapid delivery of sutureless anastomoses in surgical bypass grafting procedures.