Axya Medical Announces Completion of $12.5 Million Financing.Business Editors and Health/Medical Writers BEVERLY, Mass.--(BW HealthWire)--Jan. 6, 2000 Axya Medical Inc., a privately held medical device company, announced today that it has completed a $12.5 million private placement of preferred equity with a group of institutional investors led by Vector Fund Management and Marquette Venture Partners, both of Deerfield, Ill. Participating in the round were all existing Axya institutional investors including Prism Venture Partners, Piper Jaffray Piper Jaffray & Co. (NYSE: PJC), often shortened to just Piper Jaffray or PiperJaffray, is a U.S. middle-market investment banking firm based in Minneapolis, Minnesota and is a focused on delivering financial advice, investment products and transaction execution Ventures, Delphi Ventures, and Johnson and Johnson Development Corporation. Following the financing, Ranjan Lal, Managing Director of Vector Fund Management and Jim Daverman, General Partner of Marquette Venture Partners, will join Axya's Board of Directors. Axya has developed an innovative, broadly applicable method of utilizing ultrasonic energy to weld polymeric materials used in surgical procedures Surgical procedures have long and possibly daunting names. The meaning of many surgical procedure names can often be understood if the name is broken into parts. For example in splenectomy, "ectomy" is a suffix meaning the removal of a part of the body. "Splene-" means spleen. . Its initial products are designed to ultrasonically weld sutures thereby eliminating knot tying Knot tying consists of the techniques and skills employed in tying a knot in rope, nylon webbing, or other articles. The tying of a knot may be very straightforward (such as with an overhand knot), or it may be more complicated, such as a monkey's fist knot. by the surgeon, a time consuming, tedious task. These products have received FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. clearance and are now being used in orthopaedic surgery. Additional product applications are being developed for open or laparoscopic Laparoscopic A minimally-invasive surgical or diagnostic procedure that uses a flexible endoscope (laparoscope) to view and operate on structures in the abdomen. Mentioned in: Obstetrical Emergencies general surgical procedures, and Axya is in the early stages of developing future opportunities in cardiac surgery Cardiac surgery is surgery on the heart and/or great vessels performed by a cardiac surgeon. Frequently, it is done to treat complications of ischemic heart disease (for example, coronary artery bypass grafting), correct congenital heart disease, or treat valvular heart disease . Axya is led by CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Ken Fallon, a highly respected medical device executive in the orthopaedics and surgical instrument industries, and founder and President Paul Fenton, a successful medical device entrepreneur. "We are pleased to partner with the Axya team as they move towards commercializing what we believe is a broad, high-value platform technology," said Ranjan Lal of Vector Fund Management. Jim Daverman of Marquette Venture Partners added "this is an exciting company with a seasoned and proven management team. We are excited to be a part of a strong investment syndicate that will assist the Company in the next phase of development." |
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