H.I.G. Capital News
Intact Vascular Announces $15.5 MM Series A Financing and Names Dennis Wahr, M.D. as Chairman
Financing co-led by leading healthcare investment firms Quaker Partners and H.I.G. BioVentures
WAYNE, PA - September 5, 2012 -Intact Vascular, a medical device company and developer of products for minimally invasive peripheral vascular procedures, today announced the completion of a $15.5 MM Series A financing. The proceeds from this financing will be used to continue clinical studies of the Tack-It Endovascular Stapler System ™, a novel endovascular stapling device designed to optimize peripheral angioplasty results for the treatment of peripheral artery disease (PAD). Leading healthcare investment firms Quaker Partners and H.I.G. BioVentures co-led the round in addition to participation from angel investors. With the close of the financing, Dennis Wahr, M.D., the former CEO of Lutonix (recently sold to C.R. Bard), has been appointed Chairman of the Board of Directors. In addition to Dr. Wahr, additional board members include Carol A. Burns, President and CEO of Intact Vascular, Kathy Crothall, President and CEO of Aspire Bariatrics, Aaron Davidson, Managing Director at H.I.G. BioVentures, Wes Kaupinen, Principal at Quaker Partners, and Peter A. Schneider, M.D., Co-Founder and Chief Medical Officer of Intact Vascular.
"We are thrilled to have the financial backing of blue chip investors such as Quaker Partners and H.I.G. BioVentures. We are also honored that Dr. Dennis Wahr has joined the team. His proven track record, along with Kathy Crothall‘s experience as a successful entrepreneur, highlights a seasoned, experienced team around the table," stated the company‘s CEO, Carol Burns.
The proceeds from the financing will enable the company to complete the European clinical study of the Tack-It Endovascular Stapler System™ which received CE Mark certification earlier this year. The Tack Optimized Balloon Angioplasty (TOBA) study, which recently began enrolling subjects, will evaluate the 6 French (F) Tack-It Endovascular Stapler System™ for use in the superficial femoral and popliteal arteries following angioplasty. The study is a multi-center, prospective trial, and will enroll up to 138 subjects. Additionally, the proceeds will be used to support further development of the 4F system to be used in the arteries below the knee.
Co-Founder and Chief Medical Officer Peter A. Schneider, M.D., stated, "e;We need to improve the results of a balloon angioplasty, but right now all we can do is stent. It is just too much metal, too much stiffening of the artery and is associated with too many downstream problems, like restenosis and fracture. We believe the Tack-It technology will offer a new solution to address this problem."
Balloon angioplasty is the most commonly performed peripheral intervention used to improve blood flow in leg arteries. However, suboptimal results occur frequently due to an irregularly shaped lumen or tissue dissection from the angioplasty intervention itself. If left untreated, acute or late complications can occur resulting in a re-intervention, tissue loss, or amputation. The Tack-It Endovascular Stapler System™ is a 6F multi-loaded catheter containing several self-expanding tacks. The 6.0mm-length implant has six pairs of anchors designed to optimize angioplasty by creating tissue apposition to smooth the arterial lumen. The technology offers a unique solution by offering physicians a new paradigm for treatment of peripheral artery disease. The Tack-It Endovascular Stapler System™ has been designed: 1) to leave less foreign material in the artery; 2) to cause less long term chronic injury to the vessel; and 3) to allow 'spot' treatment only where needed.
About Quaker Partners
Quaker Partners (www.quakerpartners.com) is an East Coast-focused healthcare investment firm. The funds that we manage pursue a traditional venture capital and growth equity strategy, leading equity investments in healthcare companies at all stages of development. Our industry expertise includes biopharmaceuticals, medical technologies including devices, tools and human diagnostics, and healthcare services. Since its founding in 2002, Quaker has invested in dozens of innovative, high impact healthcare companies. Quaker manages over $700 million in committed capital, and is currently investing its second fund.
About H.I.G. BioVentures
H.I.G. BioVentures is the dedicated life-science investment affiliate of H.I.G. Capital, a leading global private equity investment firm with more than $10 billion of capital under management. H.I.G. BioVentures invests in a broad range of life sciences opportunities across sectors and stages, principally in companies developing therapeutic drugs, medical devices, and diagnostics for significant unmet medical needs. With approximately $400 million in committed capital, H.I.G. BioVentures invests approximately $3 million to $40 million per company over the life of an investment. For more information, please refer to the H.I.G. BioVentures website at www.higbio.com.
About Intact Vascular
Intact Vascular is a privately held medical device company that develops minimally invasive peripheral vascular products. The Tack-It Endovascular Stapler System™ is designed to optimize peripheral balloon angioplasty results in the treatment of peripheral artery disease. This technology will offer physicians a new treatment option for treating peripheral artery disease. Intact Vascular is committed to developing safe and efficacious products for patients and for the physicians who use these products. Visit www.intactvascular.com for more information.