CoreValve Completes $24 Million Series B Round of Financing Led by Apax Partners; Other New Investors Include HealthCap, Joining Series A Investor Sofinnova Partners.IRVINE, Calif. and PARIS Paris, in Greek mythology Paris or Alexander, in Greek mythology, son of Priam and Hecuba and brother of Hector. Because it was prophesied that he would cause the destruction of Troy, Paris was abandoned on Mt. -- Funding demonstrates CoreValve's ReValving(TM) approach to percutaneous aortic valve replacement In percutaneous aortic valve replacement (PAVR), a synthetic valve is transported to the heart through a small hole made in groin. This procedure can be compared to that performed when placing a stent, or performing balloon angioplasty. (PAVR) is considered a successful future alternative to open-heart surgery CoreValve (www.corevalve.com) announced today that it has closed on a Series B round of financing. The $24 million Series B was led by Paris-based Apax Partners. HealthCap also participated in the round. Previously, CoreValve raised $6 million from angel investors and one major venture capital investor, Paris-based Sofinnova Partners. "We are delighted to have Apax Partners and HealthCap join our investor group," said Jacques Seguin, MD, PhD, founder, chairman and 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 CoreValve. "This significant cash infusion from experienced and successful investors is a dramatic endorsement of CoreValve's ReValving approach to percutaneous aortic valve aortic valve n. The valve between the left ventricle of the heart and the ascending aorta, consisting of three semilunar cusps. Aortic valve replacement--a procedure that no doubt represents the area of legitimate excitement for the future of interventional cardiology interventional cardiology Cardiology The subspecialty of cardiology dedicated to the diagnosis, medical and mechanical therapy, pre- and post-procedure management of adult patients with acute and chronic forms of cardiovascular disease amenable to catheter-based . Not only will ReValving offer immediate hope to patients who are currently left untreated because of their high surgical-risk profile, but ReValving also will eventually offer all patients the opportunity to avoid the trauma of open-heart surgery," concluded Dr. Seguin. "CoreValve's ReValving approach has universal applicability, and it will allow both patients with aortic stenosis aortic stenosis n. Abbr. AS Pathological narrowing of the orifice of the aortic valve. Aortic stenosis A stiffening of the artery which carries blood from the heart to the body. and aortic regurgitation to be treated less invasively," stated Laurent Ganem, MD, a Partner at Paris-based Apax Partners. "We are impressed with the Company's progress to date, in particular in having achieved clinical proof-of-concept. CoreValve's leading technology offers a new standard of care that will reduce the cost of each individual procedure and represents an attractive investment proposition--especially at a time when the shifting demographics of an aging population are increasing the demand for treatment of degenerative aortic aortic pertaining to or emanating from the aorta. See also aortic arch. aortic aneurysm occurs most often in dogs, where it is caused by Spirocerca lupi larvae, turkeys and primates, causing dyspnea, cyanosis and coughing. disease." "CoreValve's success in raising this oversubscribed Refers to connecting more users to a system than can be fully supported if all of them were using it at the same time. Networks and servers are almost always designed with some amount of oversubscription, counting on the fact that everybody does not need the service simultaneously. round in a record time with top-tier venture capital groups is a good indication of the quality and the strength of the management team," stated Antoine Papiernik, Managing Partner at Sofinnova Partners. "I am very confident that CoreValve will continue to demonstrate its leadership in the percutaneous aortic valve replacement field." Laurent Ganem, MD, Partner, Apax Partners, and Johan Christenson, MD, PhD, Partner, HealthCap, will join CoreValve's Board of Directors, effective immediately. CoreValve's Board of Directors also includes: Dr. Seguin, Chairman; Antoine Papiernik, Managing Partner, Sofinnova Partners; and, Dolf Meewis, Founder of Medilogic. CoreValve will host an "update" conference call tomorrow (Tuesday, July 12), at 11:00 A.M. (ET), 8:00 A.M. (PT) and 5:00 P.M. (Paris). The purpose of the conference call will be to update the progress of CoreValve's ReValving approach to percutaneous aortic valve replacement (PAVR). The call will be hosted by Jacques Seguin, MD, PhD, Chairman, CEO and Founder, CoreValve. Also participating in the conference call will be Rob Michiels, President of CoreValve USA. Approximately 10 minutes before the start of the call, interested parties who wish to participate "live" must dial 212-676-5401 and cite reservation number 21249465. In addition, the conference call will be audiostreamed "live" at www.corevalve.com. About CoreValve Founded in 2001, privately held CoreValve--which is headquartered in Paris and has R&D facilities in Irvine, California--has developed a proprietary delivery system for percutaneous heart valve replacement Heart Valve Replacement Definition Heart valve replacement is a surgical procedure during which surgeons remove a damaged valve from the heart and substitute a healthy one. , based on a novel catheter-and-self-expanding-frame approach on a beating heart, thus avoiding open-heart surgery. The CoreValve procedure--with the proprietary CoreValve Percutaneous ReValving System(TM)--can be performed in a cardiac "cath lab" just like angioplasty and stenting, resulting in less trauma to the patient and substantial cost-savings to the healthcare system. For more information about CoreValve, visit the Company's Web site at www.corevalve.com. About Apax Partners Apax Partners is one of the world's leading private equity investment groups, operating across Europe, Israel and the United States. The group has raised or advised approximately $20 billion around the world. With more than 30 years of direct investing experience, Apax Partners' Funds provide long-term equity financing to build and strengthen world-class companies. It pursues a balanced equity portfolio strategy, investing in venture, growth capital and buyouts. Apax Partners Funds invest in companies across its six chosen global sectors of healthcare, retail & consumer, information technology, telecommunications, media, business and financial services. Apax Partners Funds investments in healthcare include Galapagos (EURONEXT: GLPG GLPG Grain Loan Program by Government ), Biolipox, Newron, neuro3d, IDM (1) See identity management. (2) (Integrated Device Manufacturer) A company that performs every step of the chip-making process, including design, manufacture, test and packaging. Examples of IDMs are Intel, AMD, Motorola, IBM, TI and Lucent. , NicOx (EURONEXT: COX), Neurotech, Intercell (VSE See DOS/VSE. VSE - Virtual Storage Extended : ICLL ICLL Index to Canadian Legal Literature ), and Zeneus Pharma. For more information, please visit: www.apax.com. About Sofinnova Partners Founded in Paris in 1972, Sofinnova Partners is one of Europe's leading independent venture capital firms Name Location Founding date Managing Partners/Directors Specialty Capital managed 5AM Ventures Menlo Park, CA; Waltham, MA 2002 John Diekman, PhD (managing partner), Scott Rocklage, PhD (managing partner), Andrew Schwab (managing partner) life sciences $200M [1] . With EUR EUR In currencies, this is the abbreviation for the Euro. 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. 900 million under management, Sofinnova Partners invests in start-ups and early-stage companies in information technology and life sciences. Its investment strategy consists of investing early in teams and projects with high potential, most often acting as lead or co-lead investor. Sofinnova Partners also benefits from a long-established relationship with its sister company in San Francisco, Sofinnova Ventures. Sofinnova Partners' team consists of 10 professionals who bring valuable market insight and technical expertise to portfolio companies. This news release contains certain "forward-looking" statements under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These "forward-looking" statements, which may include, but are not limited to, statements concerning the projections, financial condition, results of operations and businesses of CoreValve, are based on management's current expectations and estimates and involve risks and uncertainties that could cause actual results or outcomes to differ materially from those contemplated by the forward-looking statements. Factors that could cause or contribute to such differences may include, but are not limited to, risks relating to the protection of intellectual property, changes to governmental regulation of medical devices, the FDA's approval of new products, the impact of competitive products, changes to the competitive environment, the acceptance of new products in the market, conditions of the interventional cardiology industry and the economy and other factors. |
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