Irvine, CA –
January 28, 2008: Arbor Surgical Technologies
Inc., a privately held medical device company, announced today the closing of a
$20 million dollar Series C financing round. Medtronic Inc. led the investment
as part of a licensing agreement that was reached between the two companies. The
agreement provides Medtronic with manufacturing, marketing and distribution
rights to Arbor’s advanced trilobal pericardial valve technologies. Financial
terms of the license agreement have not been disclosed. Arbor retains exclusive
rights to the modular Trilogy™ Aortic Valve System and sutureless TRE™
implantation technologies. “I am truly excited about this opportunity.” said
Dr. John Liddicoat, Vice President and General Manager of Medtronic Structural
Heart Disease. “No other comparable technology is on the horizon.” Existing
Arbor investors also participated in this new round of financing. With the
closing of this event, Arbor has raised approximately $54 million dollars to
date.
“We are
excited to complete this milestone round of financing. Recognition from such a
major player in the industry confirms the value of our technology,” said Steve
Bacich, President and Chief Executive Officer of Arbor. “This financing event
will allow us to expand clinical trials of our core technologies, the Trilogy™
Aortic Valve System and the sutureless TRE™
implantation tool. These devices are designed to
enable more surgeons to perform minimally invasive heart valve procedures. We
believe that the adoption of Arbor’s products will improve the lives of heart
valve patients worldwide.”
Arbor Surgical Technologies Inc. 22
Morgan Irvine, CA 92618 (949) 598-8800
About Arbor
Surgical Technologies, Inc.
About Arbor
Arbor Surgical Technologies, Inc., www.arborsurgical.com
with facilities in Irvine and Portola Valley, CA (USA), is a privately held
cardiovascular device company focused on the minimally invasive heart valve
replacement market. Founded in 2002 by Dr. Thomas J. Fogarty and noted valve
designer, Ernie Lane, Arbor is developing technologies intended to deliver
significant clinical benefits to patients worldwide. The Trilogy™ Aortic Valve
System and TRE™ attachment technologies are designed to expand the use of
minimally invasive heart valve procedures.
Press contact:
Arbor
Surgical Technologies, Inc.
Steve Bacich –
President and CEO
949-598-8800
sbacich@arborsurgical.com
www.arborsurgical.com
Arbor Surgical Technologies Inc. 22
Morgan Irvine, CA 92618 (949) 598-8800
