CircuLite(TM) Closes an Additional $5M in Series B Private Placement Funding.Additional Funding to Support the Phase 1 Clinical Trial phase 1 clinical trial Phase 1 study. See Phase study. Patient Enrollment and Endovascular System Preclinical Evaluation HACKENSACK, N.J. -- CircuLite Inc., a medical device company focused on the development of a proprietary circulatory assist technology for the management of chronic heart failure, announced the closing of an additional $5M placement, thus completing a $25M Series B private placement. Credit Agricole Private Equity joins Forbion Capital Partners (formerly ABN AMRO ABN AMRO Algemene Bank Nederland-Amsterdam Roterdam Bank (Dutch bank) Life Sciences), Foundation Medical Partners, the lead investor, Oxford Biosciences Partners and SB Life Science Ventures in the $25M Series B funding. The $25M Series B funding will support the company's First in Man trial in 2007, the initiation of the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. investigational device exemption An Investigational Device Exemption (IDE) allows the investigational device to be used in a clinical study in order to collect safety and effectiveness data required to support a Premarket Approval (PMA) application or a Premarket Notification [510(k)] submission to Food and Phase I Feasibility trial enrollment in 2008 and the initiation of CircuLite's endovascular system preclinical evaluation. "We are very pleased that Credit Agricole Private Equity has joined the Series B funding round," said Paul J. Southworth, President and Chief Executive Officer of CircuLite. "The additional $5M investment will take CircuLite well into the US Phase I Feasibility trial and allow us to obtain the initial patient follow-up data. It will also allow us to start our preclinical evaluation of the endovascular system." "The technology developed by CircuLite goes far beyond the capabilities of the current circulatory assist devices to offer a new standard of care in the treatment of congestive heart failure congestive heart failure, inability of the heart to expel sufficient blood to keep pace with the metabolic demands of the body. In the healthy individual the heart can tolerate large increases of workload for a considerable length of time. ", added Alexia alexia /alex·ia/ (ah-lek´se-ah) a form of receptive aphasia in which ability to understand written language is lost as a result of a cerebral lesion. Perouse, Director at Credit Agricole Private Equity. "The quality of the technology and the experience of the American and European teams were instrumental in convincing us of the potential for CircuLite to become a key player in the cardiac device field." Alexia Perouse will join the board of CircuLite. About CircuLite CircuLite is a privately held, medical device company developing a unique superficially placed circulatory assist device for the treatment of chronic heart failure. The company's Synergy[TM] Pocket Circulatory Assist device is in preclinical studies preclinical studies, n.pl a term used to describe research done before a clinical study. May be laboratory or epidemiologic research. and the company is preparing for the First in Man implant in 2007. The Synergy device features a micro-pump that is placed superficially in the "pacemaker pocket". The micro-pump is minimally invasively connected to the Left Atrium Noun 1. left atrium - the left upper chamber of the heart that receives blood from the pulmonary veins atrium sinistrum, left atrium of the heart atrium cordis, atrium of the heart - the upper chamber of each half of the heart and the Subclavian Artery subclavian artery n. An artery originating on the left from the aortic arch and on the right from the brachiocephalic artery with branches to the vertebral artery, the thyrocervical trunk, the internal thoracic artery, the costocervical trunk, and the , and can pump up to 3 liters of blood flow per minute. The minimally invasive placement of the device will allow the transformation of the treatment of chronic heart failure patients from the acute decompensated hospitalized patient to the chronic, ambulatory heart failure patient. About Credit Agricole Private Equity Credit Agricole Private Equity is an AMF-accredited asset management subsidiary of Credit Agricole S.A., specialising in private equity investment in unlisted companies. A team of 40 professionals operating in five areas, manages [euro]1.5 billion through venture and innovation funds. Credit Agricole Private Equity provides advice and support for business managers implementing growth plans. |
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