Cardiac Assist Device Developer Corinnova Advances to Finals in Prestigious Oxford Venture Fund Competition

Houston – May 17, 2010--CorInnova, HTC client and Houston-based developer of cardiac assist devices for end-stage congestive heart failure is ready for the final round in the prestigious and competitive Said Business School Venture Fund Competition at the University of Oxford. William Altman, CEO, is a graduate of Oxford University, and a former Rhodes Scholar. Mr. Altman and John Criscione, MD, PhD, Founder and Chief Technology Officer, are traveling to make the presentation this weekend.

The panel of judges, chaired by Sir Victor Blank, chairman of Lloyds Banking Group, favors startups who can display viability and realism. Seven semi-finalists were chosen from approximately 100 Oxford
alumni applicants from around the world and the four best cases advanced to the final.

CorInnova Incorporated, founded in 2004 in College Station, Texas, is a pre-clinical stage medical device company that is engaged in the development of a cardiac assist device developed in the laboratory of Dr. Criscione’s Cardiac Mechanics Lab at Texas A&M University. Dr. Criscione recruited Mr. Altman as CEO last fall to develop the company’s business strategy, build a team, and raise Series A venture capital funds.

CorInnova's technology is unique, effective, and safer than current treatments. It will benefit many seriously ill patients once approved. I am very excited to work with Dr. Criscione on this exciting project," said Mr. Altman. CorInnova's corporate headquarters are located in Houston, Texas, and its product development laboratory remains in College Station, Texas.

CorInnova’s CardiacSTAR™ device is a new class of cardiac assist device that is significantly safer than current devices. CardiacSTAR is implanted using proprietary minimally invasive technology. The device does not contact the blood, so it does not risk clots or stroke (16% risk in today’s ventricular assist devices, or VADs), and it does not require anti-coagulants, which can cause bleeding in 30% of current VAD patients. In addition, the device may be turned on and off safely without harming the patient. Moreover, the device is the only device that targets heart recovery, as it is the only assist device that restores physiologically correct cardiac motion, resulting in enhanced cardiac output and, potentially, restorative remodeling.

CardiacSTAR™ is presently pursuing pre-clinical development of the device in preparation for an FDA Investigatory Device Exemption application, which would allow human trials to begin. The technology is fully patented with the key US patent on cardiac assist technology granted as well as others in process. The company is targeting the estimated $4+ billion global congestive heart failure device market segment. Although this market grows at 12% annually, the CardiacSTAR™ device could increase the market size significantly.

Mr. Altman, who has co-founded three firms, two of which grew to $70 million in revenues, will take the stage together with Dr. John Criscione at the the Said Business School of the University of Oxford final today, May 17. The finalists will present to Mr. David Bonderman, Chairman of the Texas Pacific Group, the prestigious private equity firm, and Sir Philip Green, a UK retail entrepreneur. Mr. Bonderman and Sir Philip Green endowed the fund four years ago.

CorInnova is an affiliate of TECH Fort Worth and a graduate of the Houston Technology Center business development program.

For further information, please contact William Altman, President & CEO. The corporate mailing address is:
William C. Altman
President & CEO
CorInnova, Inc.
7000 Fannin, Suite 1960D
Houston, Texas 77030
Author: William C. Altman, President & CEO
Phone: (713) 530-1430
Category: client companies | Sub Category: life sciences