BridgePoint Medical, Inc. Raises $10 Million in Series B Financing
Minneapolis, January 22, 2007 - BridgePoint Medical, Inc., a private company
developing innovative and proprietary technology in the field of interventional
cardiology for crossing coronary and peripheral chronic total occlusions (CTO)
announced today that it has completed its second round of private equity
financing totaling approximately $10 million. Participants in the round include
new investor Foundation Medical Partners and existing investors Michael Berman,
New Enterprise Associates and Polaris Venture Partners.
Commenting on the financing, Michael Berman, BridgePoint Chairman said “We
appreciate the confidence and support of Foundation Medical Partners, NEA and
Polaris and look forward to working with clinicians to improve the treatment of
patients with Chronic Total Occlusions.”
Annually 1.3 million world wide patients could benefit from BridgePoint’s CTO
technology. Interventional cardiologists are currently unable to broadly treat
patients with chronic total occlusions which comprise approximately one third of
all patients diagnosed with coronary artery disease. For these patients, the
common alternative is open heart bypass surgery or palliative care. Chad Kugler,
BridgePoint’s President and General Manager stated “We believe BridgePoint’s
technology will enable interventional cardiologists to offer a fast, safe and
effective therapy to an underserved patient population, while reducing the need
for invasive surgery or life long medical management.”
In conjunction with the series B financing, Andrew Firlik, General Partner at
Foundation Medical Partners has joined the BridgePoint board of directors.
Existing board members include Michael Berman, John Nehra, Special Partner at
New Enterprise Associates, and Brian Chee, General Partner at Polaris Venture
Partners.
About BridgePoint Medical
BridgePoint Medical Inc. is the first spin out from the medical device incubator
Prospex Medical Inc. founded in 2005 by Michael Berman, Robert Atkinson, and
Chad Kugler. BridgePoint Medical, Inc. is a privately owned development stage
company headquartered in Minneapolis, Minn. To date, with the inclusion of funds
raised for the incubator Prospex, BridgePoint has raised approximately $12.5
million through two rounds of financing.
About Investors
Foundation Medical Partners is a national, independent venture capital
investment firm focused exclusively on health care opportunities. The firm has a
special interest in medical devices, biopharmaceutical products, diagnostics,
and health care services and information systems. Foundation Medical Partners
invests in ventures that demonstrate the capability to improve the practice of
medicine and human health. In so doing, Foundation Medical Partners generates
long-term capital gains for our investors and our management teams. Foundation
has headquarters in Rowayton, Connecticut.
New Enterprise Associates (NEA) is a leading venture capital firm focused
on helping entrepreneurs create and build major new healthcare and information
technology enterprises. Practicing classic venture capital for over 25 years,
NEA focuses on early stage investments, playing an active role in assisting
management to build companies of lasting value. With $8.5 billion under
management, NEA has offices in Reston, Virginia, Menlo Park, California and
Baltimore, Maryland.
Polaris Venture Partners is a partnership of experienced venture capital
investors and executives who help entrepreneurs build market-leading companies
in life sciences and information technology. The firm was founded in 1996 and
manages over $3 billion. Polaris has offices in Boston and Seattle.
BridgePoint Medical Inc., 5155 East River Road, Suite 413, Minneapolis, MN 55421
Phone 763-746-5555 Fax 763-746-5556
