ESTECH Secures $5 Million in New Financing for New Product Development; Funding Enables Medical Device Company to Expand ``Least Invasive Cardiac Surgery'' Product Line.Business Editors/Health/Medical Writers DANVILLE, Calif.--(BUSINESS WIRE)--Aug. 12, 2003 Endoscopic en·do·scope n. An instrument for examining visually the interior of a bodily canal or a hollow organ such as the colon, bladder, or stomach. en Technologies, Inc. (ESTECH), a medical device company focused on the development and sale of products for use in minimally invasive cardiovascular surgery cardiovascular surgery Heart surgery An operation for repairing structural defects of the cardiovascular system Examples CABG, repair of congenital heart defects, varicose veins, aortic aneurysms, ventricular remodeling, transmyocardial procedures, announced today that it has closed a Series B equity transaction in which the Company raised $5 million. Telegraph Hill Partners, L.P and Psilos Group Managers, L.P. co-led the financing, which also included the company's prior shareholders. Founded in 1996, ESTECH's tools enable surgeons to perform coronary artery bypass surgery Coronary artery bypass surgery, also coronary artery bypass graft surgery, and colloquially heart bypass or bypass surgery is a surgical procedure performed to relieve angina and reduce the risk of death from coronary artery disease. (CABG CABG coronary artery bypass graft. CABG abbr. coronary artery bypass graft CABG Coronary artery bypass graft, see there ) on a beating heart in order to avoid the use of heart-lung machines, which are known to increase the risk of stroke as a surgical complication. The Company's products also enable CABG surgery to be performed without a sternotomy, where the patient has an 8"-12" opening in the chest cavity; ESTECH's surgeries, in contrast, are typically performed through 2" surgical openings, resulting in shorter hospital stays, less pain, and significantly fewer complications for patients with coronary artery disease coronary artery disease, condition that results when the coronary arteries are narrowed or occluded, most commonly by atherosclerotic deposits of fibrous and fatty tissue. . The Series B financing will enable ESTECH to complete development of new products for the treatment of atrial fibrillation atrial fibrillation Irregular rhythm (arrhythmia) of contraction of the atria (upper heart chambers). The most common major arrhythmia, it may result as a consequence of increased fibrous tissue in the aging heart, of heart disease, or in association with severe infection. and 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. . Combined, coronary artery disease, atrial fibrillation and congestive heart failure affect more than 8 million Americans and cost the U.S. Healthcare system more than $30 billion per year. ESTECH's products have demonstrated the ability to save hospitals as much as 15%-30% per procedure performed. Robert Shepler of Telegraph Hill Partners commented, "We have been impressed with ESTECH's innovation and approach to surgical systems focused on minimally invasive cardiac surgery minimally invasive cardiac surgery Interventional cardiology Any of a number of techniques–MIDCAB, off-pump coronary-artery bypass, minimally invasive valve surgery, port-access coronary surgery, and port-access valve surgery–increasingly being used to . Art Bertolero and his team have created a market leading product line for CABG procedures and their forthcoming system for treating atrial fibrillation should achieve the same standing of excellence." Telegraph Hill Partners, based in San Francisco, CA, is a private equity investment firm specializing in life science and medical device businesses. The firm targets investments in private companies that demonstrate strong financial performance and innovative products or services. Additional information can be found at www.thpartners.net. Psilos Group Managers, with offices in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and San Francisco, is a healthcare-focused venture fund with over $230 million under management. The firm was founded in 1998 and invests in private companies that offer medical devices and healthcare services and technology products that establish new ways of improving clinical, administrative and cost outcomes in the healthcare arena. Additional information can be found at www.psilos.com. ESTECH was founded in 1996 and is headquartered in Danville, California. The company sells its "Least Invasive Cardiac Surgery" products worldwide. ESTECH, Inc. and "Least Invasive Surgery" are trademarks of Endoscopic Technologies, Inc. |
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