ThromboVision Closes $4 Million Series A Financing
Company secures $750,000 credit facility with SVB Silicon Valley Bank
HOUSTON, September 13, 2007 ----- ThromboVision, Inc., a Houston-based biomedical diagnostics company, has completed a $4 million Series A convertible preferred stock financing, led by private equity firm National Healthcare Services and a group of private investors. The offering was oversubscribed.
The company will use the investment to fund clinical trials, build its infrastructure, advance the FDA approval process for its ThromboGuide® (T-Guide®) and launch its first product. The T-Guide® consists of a disposable test kit and a point-of-care base unit. The system will help physicians individualize antiplatelet therapy that they use to prevent heart attacks, strokes and stent occlusions.
“Our goal is to help physicians improve their cardiac patients’ lives through better assessment of their antiplatelet therapy with the ThromboGuide® Platelet Function Monitor. The Series A funding should allow us to advance the T-Guide® through FDA approval and product launch, so we can get this life-saving technology in the hands of physicians for their patients,” declared President & CEO Edward R. Teitel, MD, JD.
“We appreciate the confidence shown by National Healthcare Services in our ability to commercialize this life-saving technology,” he continued.
National Healthcare Services President Gary C. Vatcher said that ThromboVision is a natural fit for their investment portfolio because NHS believes strongly that antiplatelet therapy is an important new technology that can positively affect many patients’ lives.
“We believe that ThromboVision’s technology has the potential to improve the clinical outcomes of millions of patients on this drug therapy,” Vatcher said. “As the strategic investment arm of the MemorialCare hospital system, we are very excited about introducing this technology to our physicians and our hospitals."
Growthink, Inc., a strategic advisory and investment banking firm headquartered in Los Angeles, advised ThromboVision on the transaction. Edward T. Laborde, Jr., of Winstead PC’s Houston office, served as legal counsel to ThromboVision. Michael L. Lawhead of Stradling Yocca Carlson & Rauth’s Newport Beach office served as legal counsel to National Healthcare Services.
ThromboVision has licensed the patented technology developed by scientists affiliated with the Utah Artificial Heart Research Institute, Brigham Young University and the University of Utah.
ThromboVision has also negotiated a $750,000 credit facility with SVB Silicon Valley Bank. The agreement provides both growth capital financing and a formula-based revolving line-of-credit component. One of SVB Silicon Valley Bank’s specialties is working with emerging technology companies and growth companies in the life sciences niche.
“This facility provides capital to expand Dr. Teitel’s vision for the company,” stated Managing Director J. Doug Mangum. “SVB is excited about forming and growing this relationship with ThromboVision.”
ThromboVision, Inc. is a biomedical company committed to enabling people to lead longer and healthier lives. ThromboVision provides easy-to-use, rapid-response, cost-effective, and versatile point-of-care clinical diagnostic discoveries that advance medical diagnosis. The company’s products will improve medical care by assisting physicians in diagnosing and managing critical cardiovascular risk factors, especially those related to platelet function and antiplatelet drug therapy. www.thrombovision.com
ThromboVision is a Houston Technology Center (HTC) client company.
About Houston Technology Center
HTC is a business accelerator that assists Houston-based emerging technology companies in key sectors such as Energy, Information Technology, Life Sciences, Nanotechnology and NASA-originated technologies. www.houstontech.org
NHS typically looks at early- to mid-stage companies that focus on biotechnology (exclusive of pharmaceuticals), medical devices, healthcare information technology, and healthcare services. These companies need to have a proven and experienced management team and revenue potential of greater than $50 million a year within a relatively short period of time. Most importantly, a company’s strategic relationship and involvement with MemorialCare is more valued than simply the company’s investment opportunity for NHS.
MemorialCare has gained widespread recognition for its unique approach to health care. The organization has been identified as one of the top integrated systems in America (Verispan Top 100), a leading hospital organization for technology (Most Wired Hospitals), one of the best governed hospital systems in the U.S. (The Governance Institute) and named The Best Leadership Team in the U.S. by HealthLeaders magazine.