IDev Technologies, Inc., an emerging leader in the development and
marketing of minimally invasive stent systems for the treatment of
peripheral vascular and non-vascular diseases, today announced that it
has closed a $25 million Series C round of financing. The financing
was secured entirely by existing investors which include: PTV
Lifesciences, Rivervest Venture Partners, Bay City Capital, Heron
Capital, members of the senior management team, corporate advisors to
the company and initial independent investors.
Thomas M. Tully, Chairman and CEO commented, "We are very pleased
to have completed this round of financing as we enter into the full
commercialization phase of the SUPERA(R) Transhepatic Biliary System.
We also continue to be steadfast in our clinical trial and regulatory
initiatives. The unanimous support from our existing investor base is
just one indicator of the exceptional business opportunity that exists
for this organization."
The wire interwoven nitinol (W.I.N.) design of the SUPERA(R)
Biliary Self Expanding stent represents an advance over traditional
laser cut nitinol tube stents. Unlike traditional laser cut nitinol
tube stents, the W.I.N. design allows for enhanced radial force
without compromising product flexibility. The SUPERA(R) Biliary Self
Expanding stent has been tested and proven to withstand over
10,000,000 cycles of repeated compression, torsion and bending flexion
bench tests up to 120 degrees without fracture. The combined benefits
of enhanced radial force and flexibility are expected to improve
product durability for patients by reducing the incidence of stent
kinking, crushing and fracturing. The SUPERA(R) Biliary Self Expanding
stent has received 510(k) clearance for the palliative treatment of
biliary strictures produced by malignant neoplasms in the U.S. and CE
Mark Approval for both peripheral vascular and non-vascular
applications in Europe.
About IDev Technologies
IDEV Technologies, Inc. ("IDEV"), located in Houston, Texas, is an
innovator and developer of next generation medical devices for use in
the interventional radiology, vascular surgery and cardiology device
marketplace. IDEV is based in Houston, Texas and its current portfolio
contains over thirty technologies exclusively licensed from the M.D.
Anderson Cancer Center, representing over a $5.0 billion dollar market
opportunity worldwide.
