Atritech Announces Completion of a $22.5 Million Equity Financing
Atritech Announces Completion of a $22.5 Million Equity Financing
Mar 8, 2006 – Announcement Signals the Largest Venture Capital Raise in the Minnesota Medical Device Industry in last 20 months.
Minneapolis — Atritech, Inc. a clinical stage medical device company, announced today that it has completed a $22.5 million round of financing. It is the largest venture capital raise in the Minnesota medical device industry in the last 20 months. Prism Venture Partners led the round and substantial commitments were received from the existing investors and Tullis-Dickerson, a new investor.
With this capital, the Company will complete enrollment in the PROTECT AF clinical trial.
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 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 causing many patients to stop taking these drugs. The WATCHMAN device may be a viable alternative for patients with atrial fibrillation who may not want to take blood thinning medications for life.
The PROTECT AF clinical trial is evaluating the WATCHMAN device versus the current standard of care, warfarin, in patients with AF. The PROTECT AF clinical trial is being conducted in sixty sites across the United States and Europe.
“The PROTECT AF clinical trial may prove to be one of the most important clinical trials in recent history,” said Gordie Nye, General Partner of Prism Ventures. “We are excited to be a lead investor in Atritech, a pioneer in this emerging market.”
“The support of our new investor group lends credibility to our innovative approach to stroke prevention in patients with atrial fibrillation,” said Jim Bullock, President & CEO of Atritech. “Our focus is to continue the brisk pace of enrollment and center expansion with this additional capital. We welcome our new investors,” added Bullock.
About Atritech Atritech is privately held and based in Plymouth, Minnesota. Major investors in Atritech include Split Rock Partners, The Vector Group, Thoma Cressey Funds, The Rahn Group, SightLine Partners and Affinity Capital. For more information, visit www.atritech.net.
About Prism Venture Partners Founded in 1996, Prism Venture Partners (Westwood, MA) is a venture capital firm built by experienced entrepreneurs in technology and life sciences. With approximately $1.25 billion in capital under management across five funds, Prism’s primary goal is to deliver superior value to its investors. Its partners have served as the founders, CEOs and senior executives of numerous venture-backed companies. By leveraging its network of seasoned entrepreneurs, skilled executives and long-time industry contacts, Prism identifies and works closely with companies with the potential to be market leaders. For more information, please visit www.prismventure.com.
