WEBSTER, Texas, October 7, 2010 /PRNewswire/ -- IDEV Technologies, Incorporated (IDEV), an emerging leader in the development and commercialization of minimally invasive medical technologies, today announced that it has completed a US$46 million Series D round of financing, with Piper Jaffray Co.'s Merchant Banking Fund (PJC Capital LLC) and a leading strategic global healthcare company as the two new investors. The financing also included strong support and additional investment from existing venture capital firms PTV Sciences, Bay City Capital, RiverVest Venture Partners and Heron Capital.
The proceeds from the financing will be used to fund SUPERB, the ongoing, multi-center IDE superficial femoral artery clinical trial for the company's self-expanding SUPERA(R) stent, new clinical trials in support of other peripheral artery indications, the development of new interventional products, and sales and marketing initiatives to support continued revenue growth. IDEV continues to achieve success from the recent European launch of its SUPERA VERITAS(TM) Peripheral Vascular System, an easy to use, reliable and precise stent delivery system developed to deliver the SUPERA stent. In addition, the company is pleased with the positive market reaction to the initial data released from a European registry which yielded promising results in the superficial femoral (SFA) and popliteal arteries. The company is very encouraged by these preliminary data and believes it demonstrates the durability of the innovative self-expanding SUPERA stent.
Christopher M. Owens, President and CEO of IDEV, said, We have strong support from our existing investors and we are excited to be working with our two new corporate partners, Piper Jaffray, a leading international investment bank and institutional securities firm with significant experience in the medical technology sector and the additional new investor, a leading strategic global healthcare company. We appreciate the enthusiastic interest and financial support of both existing and new investors. This is an exciting time for IDEV. In addition to the completed financing and the successful European launch of VERITAS, we are seeing significant progress on our key initiatives such as the enrollment of our SUPERB superficial femoral artery IDE trial for the SUPERA stent and for the new product launches scheduled for this year. Furthermore, I am pleased that we continue to achieve accelerated revenue growth while building a strong foundation for the future.
Proceeds from the financing will advance IDEV's strategy of creating a world-class interventional platform to address the unmet clinical needs of the nearly 120 million patients who suffer from peripheral artery disease.
About IDEV Technologies, Incorporated
IDEV Technologies, Incorporated (IDEV) is an innovator and developer of next generation medical devices for use in the interventional radiology, vascular surgery and cardiology marketplace. IDEV's worldwide headquarters is located in Webster, Texas and its European headquarters is located in Beuningen, The Netherlands. Please visit http://www.idevmd.com.
The SUPERA stent is currently indicated in the US for the palliative treatment of biliary strictures produced by malignant neoplasms and in Europe for both the treatments of biliary strictures produced by malignant neoplasms and for peripheral vascular use following failed percutaneous transluminal angioplasty (PTA).
Contact: William W. Burke Executive Vice President Chief Financial Officer IDEV Technologies, Incorporated +1-281-525-2000 Donna Lucchesi Vice President Global Marketing IDEV Technologies, Incorporated +1-281-525-2000
SOURCE: IDEV Technologies, Incorporated
CONTACT: William W. Burke, Executive Vice President Chief FinancialOfficer, or Donna Lucchesi, Vice President Global Marketing, both of IDEVTechnologies, Incorporated, +1-281-525-2000
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