NeuroVista Raises $33.8 Million in Series B Financing
Company Changes Name from BioNeuronics
Seattle, WA—May 10, 2007—NeuroVista Corporation, a developer of innovative
medical technologies for the management and treatment of epilepsy, today
announced it has closed a Series B financing with total proceeds of $33.8
million. Advanced Technology Ventures and Delphi Ventures made the principal
investment in the financing. Series A investors Three Arch Partners, Sprout
Group and Foundation Medical Partners also participated in the round. In
addition, the company announced its name change from BioNeuronics Corporation.
NeuroVista plans to use the financing to fund the continued development of its
technologies and its clinical research program.
“With this capital, the NeuroVista team is looking forward to completing the
development of our technology and having the opportunity to demonstrate its
clinical utility in the lives of patients suffering from epilepsy,” said John F.
Harris, President and Chief Executive Officer of NeuroVista. “We believe that
our technology has the potential to significantly impact the quality of life of
epilepsy patients and dramatically alter treatment paradigms.”
According to the Epilepsy Foundation, epilepsy affects 2.5 million people in the
United States, which is more than Parkinson’s disease, multiple sclerosis and
amyotrophic lateral sclerosis (Lou Gehrig’s Disease) combined. The defining
characteristic of epilepsy is recurrent seizures that strike without warning.
Approximately 750,000 people are refractory to medication and continue to have
seizures, which dramatically impacts their lives. Of those whose condition is
controlled by medication, they often must cope with significant, debilitating
side effects. NeuroVista is developing technology solutions to address these
patient populations.
“Those with epilepsy, particularly patients refractory to medication, represent
a large, underserved patient population that stands to significantly benefit
from NeuroVista’s innovative technology,” said David L. Douglass, General
Partner, Delphi Ventures. “We are confident that the NeuroVista team has the
vision and experience to successfully execute on this important opportunity
based on their collective track record and the early clinical data.”
About NeuroVista
NeuroVista is an early-stage medical device company pioneering new technologies
that will revolutionize the management and treatment of epilepsy. Epilepsy is a
neurological condition affecting approximately 1% of the U.S. population—more
than Parkinson’s disease, multiple sclerosis, and Lou Gehrig’s disease combined.
NeuroVista is a privately held company based in Seattle. For more information
visit www.neurovista.com.
About Advanced Technology Ventures
Founded in 1979, Advanced Technology Ventures (ATV) is a bi-coastal venture
capital firm with more than $1.4 billion in capital under management. ATV works
closely with entrepreneurial teams in several technology markets, including
communications, infrastructure, software and services, consumer technology,
biopharmaceuticals, medical devices and emerging technologies, to build
emerging-growth business ventures into market leaders. With more than 25 years
of experience, ATV has a proven track record of success in helping to build
strong, sustainable business enterprises. For more information visit
www.atvcapital.com.
About Delphi Ventures
Delphi Ventures is a venture capital firm that has focused on early stage
investing in medical devices and biotechnology for two decades. With more than
$850 million in committed capital, Delphi Ventures has funded over 150
companies. More than 90 of the firm’s portfolio companies have either completed
an initial public offering or have been acquired by a leading healthcare
corporation. For more information visit
www.delphiventures.com.
Media Contact:
John F. Harris
President and CEO
NeuroVista Corporation
(206) 267-3700
media@neurovista.com
