NeoGuide Systems Closes Series C Financing.$25 Million to Fund Commercialization of the Company's Breakthrough Computer-Assisted Colonoscopy System LOS GATOS, Calif. -- NeoGuide Systems Inc., a developer of technology to prevent and treat colorectal cancer colorectal cancer Malignant tumour of the large intestine (colon) or rectum. Risk factors include age (after age 50), family history of colorectal cancer, chronic inflammatory bowel diseases, benign polyps, physical inactivity, and a diet high in fat. , today announced that it has raised $25 million in its Series C round of financing. NeoGuide is developing the NeoGuide Endoscopy endoscopy Examination of the body's interior through an instrument inserted into a natural opening or an incision, usually as an outpatient procedure. Endoscopes include the upper gastrointestinal endoscope (for the esophagus, stomach, and duodenum), the colonoscope (for the System, a computer-assisted colonoscopy system designed to enhance physician control of the colonoscope co·lon·o·scope n. A long flexible endoscope, often equipped with a device for obtaining tissue samples, that is used for visual examination of the colon. Also called coloscope. and to eliminate looping, the principle reason why conventional colonoscopy is painful, time consuming and difficult. The Series C financing will be used to fund commercialization of the NeoGuide Endoscopy System in the United States, including ramping up manufacturing and the sales and service organizations. The round was led by the London-based Advent Venture Partners. Advent was joined by existing investors Versant Ventures, Utah Ventures, 3i, Kaiser Permanente Ventures, Arboretum arboretum: see botanical garden. arboretum Place where trees, shrubs, and sometimes herbaceous plants are cultivated for scientific and educational purposes. An arboretum may be a collection in its own right or a part of a botanical garden. Ventures, SBV SBV State Bank of Vietnam SBV Sistema Bibliotecario del Vimercatese (Itay) SBV Schweizerischer Baumeisterverband (German) SBV Swift Boat Vets SBV Smithsonian Business Ventures SBV Space-Based Visible and The Angels Forum/Halo Fund. Rockport Venture Partners also participated in the round. Amir Belson, MD, co-founder and president of NeoGuide, said, "We are very excited to be joined by Advent, one of the leading venture firms actively investing in Europe and the US. We look forward to working closely with them and the rest of our exceptional group of investors as we embark on the commercialization of the NeoGuide Endoscopy System." Colorectal cancer (CRC (Cyclical Redundancy Checking) An error checking technique used to ensure the accuracy of transmitting digital data. The transmitted messages are divided into predetermined lengths which, used as dividends, are divided by a fixed divisor. ) is the second leading cause of cancer deaths in the United States, yet it is highly preventable. Colonoscopy is considered the gold standard for CRC screening as it is the only screening method that allows the physician to inspect the entire colon and remove adenomatous polyps, the non-cancerous growths that have the potential to develop into colorectal cancer. Studies have shown that the vast majority of CRC cases can be prevented by screening colonoscopy screening colonoscopy GI disease The use of flexible colonoscopy to detect malignant or premalignant colorectal lesions; SC is most cost effective ≥ age 50. See Colonoscopy. and the removal of polyps Polyps A tumor with a small flap that attaches itself to the wall of various vascular organs such as the nose, uterus and rectum. Polyps bleed easily, and if they are suspected to be cancerous they should be surgically removed. . In conventional colonoscopy, a flexible endoscope endoscope, any instrument used to look inside the body. Usually consisting of a fiber-optic tube attached to a viewing device, endoscopes are used to explore and biopsy such areas as the colon and the bronchi of the lungs. is inserted into the colon, which is essentially a flexible and highly tortuous tube. Advancing the colonoscope displaces the colon and stretches the surrounding tissue, a phenomenon known as looping. Unlike conventional scopes, the NeoGuide colonoscope is built out of multiple segments that can be actively controlled. As the physician inserts the NeoGuide scope, the system automatically creates a three dimensional map of the colon and then directs these segments to follow the path taken by the tip. Shahzad Malik, MD, general partner at Advent Venture Partners, said, "NeoGuide has developed technology that we believe will have a major impact on colonoscopy, and in time, other 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 procedures. The phenomenon of looping in colonoscopy severely limits the procedure. Through its ease of use and associated efficiency gains, NeoGuide's unique solution will provide significant benefits to patients, physicians and the health-care system." NeoGuide received 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. clearance of its NeoGuide Endoscopy System earlier this year and expects to begin commercialization in 2007. About NeoGuide Systems NeoGuide Systems was founded in 2000 with the mission to transform the way endoscopic procedures are conducted. The company is developing technology designed to revolutionize the way physicians visualize and deliver therapies within the body. Representing a significant departure in the way colonoscopies are performed, the NeoGuide Endoscopy System offers physicians more control through advanced features. For more information, please visit the company's website: www.neoguidesystems.com About Advent Venture Partners Advent Venture Partners is one of the most experienced technology 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] in the UK. Established in 1981, it invests in both the Life Sciences and Information and Communications Technology sectors. Now in its 25th year, Advent Venture Partners has more than $900 million under management from institutional investors across Europe and the United States. It has backed more than 60 life science companies of which, to date, 18 have gone public including in the last year: Infinity Pharmaceuticals (reverse merger with Nasdaq-listed company Discovery Partners International), Micromet (reverse merger with Nasdaq-listed company CancerVax), Targacept (Nasdaq), Phoqus (AIM). Nine companies have been successfully sold. Recent investments by the Advent Venture Partners' Life Sciences team include Norwegian radiopharmaceuticals company, Algeta, the U.S. specialty pharmaceutical company CardioKine Inc., and UK biopharmaceutical company Thiakis, which develops hormone-based treatments for obesity. For more information: www.adventventures.com |
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