Conor Medsystems Closes $10 Million in Funding; Highland Capital Partners Leads Investment in Next Generation Drug Delivery Company.Business Editors and Health/Medical Writers Conor Medsystems, Inc., a medical device company developing solutions for controlled local drug delivery, announced today that it received $10 million in financing from new and existing investors. Highland Capital Partners Highland Capital Partners is a global venture capital firm with offices located in Boston, Silicon Valley, Geneva, and Shanghai. Since its inception in 1988, the firm has invested in more than 180 early and growth stage companies and taken a sector-focused approach to investing in led the round and was joined by previous investors Easton Hunt Capital, Musket musket: see small arms. musket Muzzle-loading shoulder firearm developed in 16th-century Spain. Designed as a larger version of the harquebus, muskets were fired with matchlocks until flintlocks were developed in the 17th century; flintlocks were Research Associates and Calmedica Capital. "I am pleased with the progress that we have made moving our product into clinical testing and securing funding from a major venture capital firm like Highland," said Tom Brooks Thomas Francis Brooks OAM (born 28 March 1919 - July 16 2007) was an Australian Test cricket match umpire who was born in Paddington, New South Wales. Brooks had earlier played first class cricket for NSW and was the last Australian umpire to have both umpired in a Test match and , president of Conor Medsystems. "This new capital, our most significant round of financing to date, allows us to further develop the management and infrastructure of the company as we move our exciting products toward the marketplace." Since its founding in 1999, Conor Medsystems has been developing medical devices that can serve as platforms for controlled local drug delivery. The company's first application is the Conor MedStent, a drug eluting coronary stent coronary stent Intracoronary stent Cardiology An expandable tubular device which can be inserted percutaneously, and left within a coronary artery lumen to maintain its patency Pros Clinical and angiographic outcomes are better with intracoronary artery stent . The Conor MedStent contains many tiny wells that can be filled with drugs targeted to reduce restenosis or re-blockage of the artery as well as to address other indications that may benefit from local drug delivery. The proprietary design of the Conor system allows for "programmable" drug release, enabling the control over the timing or kinetic pattern of release so as to optimize efficacy. The unique honeycombed hon·ey·comb n. 1. A structure of hexagonal, thin-walled cells constructed from beeswax by honeybees to hold honey and larvae. 2. Something resembling this structure in configuration or pattern. tr.v. design also permits precise spatial distribution of the drug to achieve varying dosage levels at different points across the length of a stent stent (stent) 1. a device or mold of a suitable material, used to hold a skin graft in place. 2. a slender rodlike or threadlike device used to provide support for tubular structures that are being anastomosed, or . "At Highland we look for companies that bring unique and innovative technologies to the market," said Wyc Grousbeck, general partner of Highland Capital Partners. "As a second generation drug delivery stent, Conor Medsystems has the potential to address the huge vascular drug delivery market and offers tremendous opportunity in a variety of clinical indications." About Conor Medsystems Since its founding by Jeff Shanley in 1999, Conor Medsystems has been developing medical devices that can serve as platforms for controlled local drug delivery, the first application of which will be a drug eluting coronary stent. Based in Palo Alto Palo Alto, city, California Palo Alto (păl`ō ăl`tō), city (1990 pop. 55,900), Santa Clara co., W Calif.; inc. 1894. Although primarily residential, Palo Alto has aerospace, electronics, and advanced research industries. , Calif., Conor is privately held and venture funded and backed by Highland Capital Partners. For additional information, contact the company at 650/812-1850. About Highland Capital Partners Highland Capital Partners is an early-stage venture firm focused on building companies in the communications, information technology and healthcare markets. Founded in 1988, Highland has invested in and worked to create such firms as Altiga Networks, Aspect Medical Systems, Avid Technology "Avid" redirects here. For the "Advancement Via Individual Determination" educational program, see AVID. Avid Technology, Inc NASDAQ: AVID is an American company specializing in video and audio production technology; specifically, digital non-linear media editing (NLE) , CheckFree, EXACT Sciences, GenVec, HighGround Systems, Lycos, MapQuest, Ocular ocular /oc·u·lar/ (ok´u-lar) 1. of, pertaining to, or affecting the eye. 2. eyepiece. oc·u·lar adj. 1. Of or relating to the eye or the sense of sight. Networks, Odyssey Healthcare, PRAECIS PHARMACEUTICALS, Sybase and WebLine Communications. For more information, visit Highland's web site at www.hcp.com. |
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