News

Cardiosolutions Inc. Raises $7 Million for Spacer Technology to Mitigate Mitral Regurgitation

Stoughton, MA – September 19, 2007: Cardiosolutions Inc. (www.cardiosolutionsinc.com) announced today the closing of a $7 million dollar Series A Convertible Preferred Stock financing. The company has gathered Series A funding from BioVentures Investors, a leading Cambridge MA based life sciences venture capital firm along with a group of accredited investors.

Cardiosolutions, Inc. was founded to develop a less invasive, percutaneous alternative to open heart surgical repair of the mitral valve. Cardiosolutions’ pioneering Spacer – Tek Technology™ consists of its Percu – Pro System™ of measurement, delivery and implantation of its Mitra- Spacer™ and is designed to greatly reduce the degree of mitral regurgitation in patients with either functional or degenerative valve disease. Current treatment methods involve cutting open the chest, separating the ribs at the breastbone and arresting the heart to access the mitral valve, an invasive and expensive surgery necessitating the use of a heart – lung bypass machine. The Percu – Pro System™ allows accessing the mitral valve from the patient’s femoral vein located in the inner thigh.

 “Completing this round of financing is a significant achievement for us and we are very pleased to have BioVentures Investors join our list of backers” stated Jon Wilson, Chief Operating Officer of Cardiosolutions “They bring valuable industry experience to our Board and we are looking forward to working with them as we continue to make advances with our mitral spacer technology.”  Steve Tallarida, President of Cardiosolutions stated, “The team at Cardiosolutions has developed an alternative approach to percutaneous mitral valve repair. The company is now in animal trials and this raise will position us well to move forward into pilot human trials in 2008” and Marc Goldberg, a General Partner at BioVentures Investors said “The latest innovations in mitral valve repair are struggling to replicate open procedures but the group at Cardiosolutions have stepped outside the box with a unique concept and we are excited to partner with them.”

Cardiosolutions Inc., headquartered in Stoughton, Mass., was incubated and founded in 2005 by STD Med, Inc., a Stoughton-based manufacturer and developer of medical technologies. In addition to Cardiosolutions, other companies that began at STD Med are Angiolink Corporation, Arthrosurface Incorporated, and Spirus Medical, Inc. For more on Cardiosolutions Inc., visit   www.cardiosolutionsinc.com.