Coherex Medical raises $16.5 million from venture capital firms

Aug 21 2009

Coherex Medical, Inc. today announced that it has closed a $16.5 million Series B Preferred Stock financing. After the close of this investment, Coherex has now raised nearly $28.0 million in equity financing from outside funding sources since inception.

vSpring Capital and Oxford Bioscience Partners were co-lead investors on this financing, and both venture capital firms participated in Coherex’ prior Series A Preferred Stock financing. Also joining vSpring and Oxford in Coherex’ Series B financing were Tullis Health Investors, a leading venture capital firm focused on the healthcare industry, and a strategic investor.

“I am pleased to announce today that Coherex Medical™ has closed its Series B financing, particularly given today’s challenging economic times,” said Richard J. Linder, Coherex president and CEO. “This is a solid example of the quality of the Coherex team and our success in developing the Coherex FlatStent™ EF PFO Closure System, a technology that represents a significant advancement in the treatment and repair of patent foramen ovale, a common heart defect.”

Coherex announced in June that the Coherex FlatStent EF was the first “in-tunnel” device to receive CE Mark clearance for closing Patent Foramen Ovale (PFO), a heart defect found in approximately 20 percent of the worldwide population.

“We believe that PFO closure represents a significant market opportunity, and we are confident that Coherex Medical has developed the next generation device for PFO closure with its Coherex FlatStent,” said Dinesh Patel, Ph.D., vSpring managing partner and Coherex board member. “In addition, we believe Coherex is establishing itself as a leading structural heart company, and as a result, we are excited to invest again in Coherex, its technologies and its people.”

“Coherex Medical is one of the most promising medical device companies we have found in the world,” said Jeff Barnes, general partner of Oxford Bioscience Partners and Coherex board member. “Not only does Coherex have superior technology addressing substantial market opportunities, its senior executives have been down this path before. They’ve designed innovative medical devices, navigated the regulatory process, and taken products to the marketplace. We believe that the combination of a talented and experienced management team coupled with world class technology almost always leads to market success.”