Atritech Announces Completion of a $22 Million Equity Financing
Atritech Announces Completion of a $22 Million Equity Financing
Capital will fund company through end of clinical trial
Sept. 5, 2007 – Minneapolis, MN – Atritech, Inc. a clinical stage medical device company, announced today that it has completed a $22 million round of financing. SightLine Healthcare Vintage Fund led the round along with substantial commitments from the existing investors including Prism Venture Partners, the lead from the last round. In the past 18 months, the Company has raised approximately $45 million in capital.
With this new funding, the Company will complete the enrollment phase of its PROTECT AF clinical trial along with the preparation and submission of clinical results to the FDA. The PROTECT AF clinical trial is evaluating the WATCHMAN device versus the current standard of care, Coumadin, in patients with AF. The PROTECT AF clinical trial is being conducted in 60 sites across the United States and Europe and is in the final stage of enrollment with approximately 600 patients enrolled, of which 300 patients have been enrolled since the beginning of the year.
Atritech’s WATCHMAN device is designed to keep harmful sized blood clots from entering a patient’s blood stream, potentially causing a stroke. Patients with atrial fibrillation (a heart condition which causes the upper chambers of the heart to beat too rapidly) are at a significantly greater risk of having a stroke. Typically these patients require blood thinning medications to prevent these clots from forming in the heart. Current blood thinning medications require frequent monitoring and have diet and other drug interactions. Moreover, there are many serious complications including severe bleeding.
This financing follows the Company’s acquisition in June of intellectual property from ev3, Inc. relating to closure devices within the left atrial appendage. This acquisition of over 60 patents together with the Company’s broad patent portfolio and clinical trial success establishes the Company as the clear leader in the left atrial appendage closure market.
“The recent acquisition of ev3’s intellectual property and the continued progress of the PROTECT AF clinical trial have Atritech well positioned in this emerging market,” said Buzz Benson, Managing Director, SightLine Partners. “We believe the WATCHMAN device may prove to be a key element in protecting AF patients at an increased risk of stroke. We are excited to be the lead investor in this round of financing.”
“The continued support of our existing investor group further validates our innovative approach to stroke prevention in patients with atrial fibrillation and potential market opportunity,” said Jim Bullock, President & CEO of Atritech. “With strong enrollment, the FDA submission on the horizon, and the recent intellectual property acquisition, we are positioned to be the market leader.” added Bullock.
About Atritech
Atritech is privately held and based in Plymouth, Minnesota. Major investors in Atritech include Split Rock Partners, Prism Venture Partners, Tullis-Dickerson Partners, The Vector Group, Thoma Cressey Funds, SightLine Funds and Affinity Capital. For more information, visit www.atritech.net.
About SightLine Partners
SightLine Partners LLC is a Minneapolis, MN based venture firm that manages a series of funds that invest in promising emerging growth companies in the medical device industry. For more information, visit www.sightlinepartners.com.
