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Arbor
Surgical Technologies, Inc. Completes $20 Million Series B
Financing
Proceeds
to Fund Ongoing Development and Clinical Trials of New Heart
Valve and Implantation Technology
IRVINE, Calif., Aug. 22 /PRNewswire/ -- Arbor Surgical Technologies,
Inc. a privately held medical device company, announced today
the closing of a $20 million dollar Series B financing. Baird
Venture Partners led the investment with Affinity Capital
Management and Fisk Ventures joining the syndicate. Existing
investors Delphi Ventures, Alloy Ventures, Johnson & Johnson
Development Corporation, Three Arch Partners, Thomas J. Fogarty
MD, Sapient Capital, Kaiser Venture Capital, David Chonette,
and Sage Venture Partners, also participated in this round
of financing. With the closing of this round, Arbor has raised
approximately $34 million dollars to date.
In
conjunction with the financing, Pete Shagory of Baird Venture
Partners has joined Arbor's board of directors, which includes
Thomas J. Fogarty MD, Arbor's board chairman and co-founder,
David Douglass of Delphi Ventures, Doug Kelly MD of Alloy
Ventures, David Chonette, and Steve Bacich, Arbor's president
and chief executive officer.
"We
are pleased to complete this significant round of financing
and to
bring Pete Shagory to our board," said Mr. Bacich. "This
financing milestone enhances an already strong development
team that is supported by experienced medical device investors
and a rich intellectual property portfolio. The success in
our funding process speaks to the momentum we have garnered
by the achievement of significant milestones over the past
several months. Our mission at Arbor is to develop a better
heart valve replacement system utilizing superior design and
fabrication techniques and our proprietary implantation method.
We believe that Arbor's technology will be a driving force
for improving the lives of heart valve patients around the
world."
About
Arbor Surgical Technologies, Inc.
Arbor Surgical Technologies, Inc. located in Irvine and Portola
Valley, CA (USA), is a privately held cardiovascular medical
device company focused on the heart valve replacement market.
Founded in 2002 by Dr. Thomas J. Fogarty and noted heart valve
designer, Ernie Lane, Arbor is developing multiple technologies
that have the potential to deliver significant clinical benefit
to patients worldwide. Arbor intends to develop and commercialize
its core technologies in varying combinations, giving the
company the opportunity to create a portfolio of product offerings.
Currently in clinical trials, Arbor is developing a tissue
heart valve family of products designed for improved performance
over existing valves and compatible implantation tools that
simplify and speed valve replacement surgery.
Press contact:
Arbor Surgical Technologies, Inc.
Steve Bacich - President and CEO
949-900-2383
http://www.arborsurgical.com
About
Baird Global Private Equity
With
more than 40 investment professionals in the United States
and
Europe, Baird's global private equity business has raised
and managed over $1.2 billion in capital. Baird Venture Partners
makes venture capital investments in early- to growth-stage
companies in the Business Services & Software and Healthcare/Life
Sciences sectors. Baird Capital Partners provides late-stage
growth capital or change-of-control capital to U.S.-based,
middle-market companies in the Business Services and Manufactured
Products sectors. Granville Baird Capital Partners is a long-established
private equity manager targeting mid-market growth companies
in the UK and Germany with a focus on the Business Services,
Healthcare and Industrial Products
sectors. The group's investments are supported by Baird's
full range of financial advice, operating expertise and industry
research, providing a unique full-service approach to the
entire private equity investment process. For more information,
please visit http://www.bairdventurepartners.com.
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