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Series D Financing 
LAKE FOREST, CA June 20, 2005 Orqis Medical Corporation, developer of the novel and proprietary catheter-based Cancion® CRS™ cardiac recovery system to treat the underlying disease progression of congestive heart failure (CHF), announced today the closing of a $22.7 million Series D financing. Boston Scientific Corporation, a new investor in the company, purchased shares in the offering. All of the company's previous investors participated in the financing, along with additional new investor Lighthouse Capital Partners. "We are pleased to have Boston Scientific as an investor supporting our efforts to bring this novel catheter-based therapy to the CHF population," stated Ken Charhut, President and CEO of Orqis Medical. He added, "We are very excited to have the opportunity to work with prestigious device companies along with our world class venture investors in the development of this paradigm shifting technology." The Cancion CRS therapy is currently being studied as a "rest-to-recovery" therapy for CHF patients in up to 40 leading hospitals in the U.S. Proceeds from the Series D financing will be used to complete the current MOMENTUM (Multicenter Trial of the Orqis Medical CRS for the Enhanced Treatment of CHF, Unresponsive to Medical Therapy) clinical trial evaluating the Cancion CRS therapy, and to advance the development of the company's pipeline product, the Exeleras® CRS therapy, designed to offer a long-term implantable therapeutic recovery solution for patients who suffer from chronic heart failure. "This financing will allow Orqis Medical to complete scientific and clinical validation of its novel hemodynamic discovery that continuous blood flow augmentation to the descending aorta treats underlying mechanisms responsible for heart failure," stated Marvin Konstam, M.D., Medical Director, Orqis Medical and Chief of Cardiology at Tufts-New England Medical Center. "This discovery could be a significant advance in the treatment of patients who suffer from heart failure," he added. About Congestive Heart Failure CHF is the deterioration of the heart's ability to pump blood throughout the body. According to the American Heart Association, an estimated five million people in the U.S. have CHF, and an additional 550,000 are diagnosed with CHF annually. In up to 20 percent of the one million annual primary U.S. hospital admissions for CHF, patients no longer respond to intravenous medical therapy. The Cancion CRS therapy is currently under clinical investigation to treat acutely decompensated CHF patients who do not respond to standard intravenous medical therapy. About Orqis Medical Corporation Orqis Medical Corporation is a privately held clinical-stage medical device company that is investigating its discovery of a novel approach to prevent or reverse the underlying disease progression of congestive heart failure. Founded in 1997, Orqis Medical is headquartered in Lake Forest, California and is backed by Domain Associates, Johnson & Johnson Development Corporation, Temasek Holdings, HealthCare Ventures, Rho Ventures, Care Capital, Boston Scientific Corporation, and Lighthouse Capital Partners. |
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Copyright ©2007 Rho Capital Partners, Inc.