Cappella raises EUR10.5m in Series D investment.
M2 PHARMA-October 29, 2010-Cappella raises EUR10.5m in Series D investment(C)2010 M2 COMMUNICATIONS
29 October 2010 - Irish medical device firm Cappella Inc said Thursday it has completed the first tranche of a EUR10.5m (USD14.6m) Series D investment.
The company completed the first tranche of the investment from existing investors, Polytechnos Partners, ACT Venture Capital, Fountain Healthcare Partners, Mitsui & Co Venture Partners (MCVP) and venture debt financing from Kreos Capital Limited and Silicon Valley Bank, the commercial banking division of SVB Financial Group (NASDAQ: SIVB).
Cappella said that proceeds will be used to finance the expanded launch of its Sideguard Sidebranch stent for the treatment of Bifurcated Vascular Disease in Europe and South America, to provide additional manufacturing capacity and to advance key R&D programmes in Galway, Ireland on additional applications of the company's technology in Complex Coronary Artery Disease (CAD).
This funding will allow Cappella to expand the company's direct Sales and Distribution network, expand its product pipeline, provide an additional 7,500 sq ft (696 sq m) facility for manufacturing capacity and additional R&D laboratory space for the company's development programmes, said Dr Art Rosenthal, Cappella's CEO.
(EUR1 = USD1.392)
((Comments on this story may be sent to firstname.lastname@example.org))