Concentric Medical Closes on $12.0 Million Financing H&Q Capital and ProQuest Investments Join Existing Investor Syndicate in New Financing.Business Editors & Health/Medical Writers MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Aug. 20, 2002 Concentric Medical, Inc. today announced the completion of a $12.0 million Series B round of financing led by H&Q Capital Management and with a syndicate including ProQuest Investments and existing investors New Enterprise Associates, New Venture Partners and NeuroVentures. Concentric, a privately held interventional medicine company developing devices for the treatment of ischemic stroke, hemorrhagic stroke hemorrhagic stroke Neurology An ischemic stroke in which blood enters necrotic brain tissue, which may not be accompanied by a worsening clinical status Risks for HS Hemophilia, thrombocytopenia, sickle cell anemia, DIC, anticoagulants, HTN. See Stroke. and tumors, will use this funding to expand the clinical development of these proprietary devices. "Concentric has successfully met several key milestones in their first phase of development, including successful initial U.S. human clinical trials of its clot-retriever device for the treatment of ischemic stroke," said Dennis McCoy, who led the investment for H&Q Capital Management. "There is a large and underserved market for Concentric's stroke therapies. I look forward to working with Allan Will and the Concentric team to bring new products to market which enable cerebral clot removal." Concentric Medical focuses on catheter-based treatment of ischemic stroke, hypervascularized tumors and hemorrhagic stroke, otherwise known as cerebral aneurysm Cerebral Aneurysm Definition A cerebral aneurysm occurs at a weak point in the wall of a blood vessel (artery) that supplies blood to the brain. Because of the flaw, the artery wall bulges outward and fills with blood. This bulge is called an aneurysm. . The company is currently developing several proprietary device systems: the Merci(TM) Clot Retriever retriever: see sporting dog. retriever Any of several dog breeds, bred to retrieve game, that have a thick, water-resistant coat, keen sense of smell, and “soft” mouth that does not damage game. Retrievers are 22–24 in. , indicated for clot removal; Embolic embolic /em·bol·ic/ (em-bol´ik) pertaining to an embolus or to embolism. em·bol·ic adj. 1. Relating to, or caused by an embolus or embolism. 2. Relating to emboly. Pearls(TM) for embolic therapy of hypervascularized tumors; and embolic coil systems for the treatment of cerebral aneurysms. The company currently markets several products in Japan, has numerous patents pending in the USA and several submissions under 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. review. "We're very pleased to have a strong syndicate including H&Q, ProQuest and NEA NEA abbr. 1. National Education Association 2. National Endowment for the Arts NEA (US) n abbr (= National Education Association) → Verband für das Erziehungswesen to fund our ongoing clinical development," said Allan Will, Concentric's President and Chief Executive Officer. "We appreciate our investors' strategic vision and their steadfast commitment to our continued growth and success." As a result of this funding, ProQuest partner Alain Schreiber, MD, will join NEA Partner Ryan Drant on the Concentric board of directors. Other distinguished healthcare executives who serve on Concentric's board include Joe Kiani, 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. of Masimo Corporation, Erik Engelson, the former General Manager of Target Therapeutics, and Hanson Gifford, President of The Foundry. About Concentric Medical, Inc. Concentric was conceived and incubated at The Foundry in June 1999, and has brought together several of the world's most successful INR INR In currencies, this is the abbreviation for the Indian Rupee. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. device designers. Founded in 1998, the company is focused on providing practical, breakthrough devices for what it believes are the three greatest opportunities in the field of Interventional Neuroradiology (INR): ischemic stroke, hemorrhagic stroke, and tumors. For more information, visit www.concentric-medical.com. |
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