Endosense completes CHF 26 million ($20 million) fundraising backed by 3i and NeoMed
Geneva, Switzerland, 21 November 2005 -- Endosense, an emerging cardiovascular device company, today announced the closing of a CHF 26 million (USD 20 million) financing with 3i and NeoMed.
Endosense, set up in 2003, is developing a Force Sensor ablation catheter for use in the field of cardiac arrhythmia.
Eric Le Royer, newly appointed CEO and previously Vice President of Marketing at Guidant, will join CTO Giovanni Leo on the board, together with Dina Chaya of 3i, that led the financing, and Claudio Nessi of NeoMed.
"This financing represents a major milestone for Endosense," commented Eric Le Royer. "We are very pleased to have secured this financing with 3i and NeoMed. It will enable Endosense to bring to market a major technological advance in the catheter treatment of atrial fibrillation, an extremely prevalent and debilitating cardiac disease. For the first time, our unique catheter will provide the physician with an objective and real-time measure of contact between the catheter and the beating heart wall."
More than 5 million patients globally suffer from atrial fibrillation, the most prevalent cardiac arrhythmia that impairs patients'' quality of life and ultimately causes stroke and heart failure. Percutaneous catheter ablation is an emerging curative therapy which allows patients to resume a normal life and reduces healthcare costs. In 2005, around 1% of patients were treated by percutaneous catheter ablation. Endosense''s Force Sensor ablation catheter has the potential to increase the uptake of this treatment by improving the safety and efficacy of the procedure.
"Endosense''s product could be fundamental to the international adoption of percutaneous catheter ablation, a market that is projected by expert analysts to have the potential to exceed a billion dollars in sales over the next decade," stated Dina Chaya. "We have worked extensively with the Endosense team to identify device opportunities for the treatment of atrial fibrillation. The Force Sensor ablation catheter quickly emerged as a potential breakthrough."
Claudio Nessi added "Endosense management has demonstrated strong leadership during their past experience in both major company and entrepreneurial settings. The team starts with a unique set of product development, marketing, and clinical capabilities that are extremely promising for a strong execution and the success of Endosense."
Notes to editors
Endosense develops and commercializes solutions to enable the adoption of percutaneous catheter ablation for the treatment of atrial fibrillation. The Company''s product pipeline includes a unique Force Sensor catheter which has the potential to increase the effectiveness and safety profile of the percutaneous catheter ablation procedure. The management team encompasses product development, marketing and clinical expertise built on leadership acquired in both major medical device companies and entrepreneurial settings.
For more information, go to: http://www.endosense.com/.
3i is a world leader in private equity and venture capital. We focus on Buyouts, Growth Capital and Venture Capital and invest across Europe, in the United States and in Asia. Our competitive advantage comes from our international network and the strength and breadth of our relationships in business.
During 2005, 3i''s VC healthcare team invested in Endosense, Triage wireless and elbion. It has been a strong year for successful realisations with trade sales of Arakis, NeoPharma, PharMetrics, SpineNext and Arexis and IPOs for ProStrakan, Arpida, Paion, Phoqus and Ardana.
For more information, go to: http://www.3i.com/.
NeoMed Management Ltd. is a Jersey domiciled venture capital firm exclusively investing in emerging companies in the international healthcare and life sciences industries. NeoMed operates from offices in Oslo, Geneva and New York.
NeoMed manages specialized healthcare and life sciences funds with total capital in excess of USD 180 million. Earlier NeoMed investments in Swiss based medical technology companies include Actelion, Axovan, Kuros Biosurgery and Thommen Medical. In the last 24 months, NeoMed portfolio companies that went public include Paion in Germany and Pharmion and Icagen in the US.
For more information, please go to: http://www.neomed.net/