Healthcare Industry News: Cordis
News Release - April 8, 2010
Svelte Medical Systems, Inc. Successfully concludes Series A financing
NEW PROVIDENCE, N.J.--(HSMN NewsFeed)--Svelte Medical Systems, Inc. is pleased to announce that it has successfully completed the extension of its Series A financing from institutional and private investors including CNF Investments, Apjohn Ventures and the Fischell family. The company's Series A extension was oversubscribed and included an initial investment by Norwich Ventures LP. Norwich Ventures is a seed and early-stage venture capital firm committed to helping entrepreneurs, healthcare professionals and inventors build innovative medical technology companies. The firm specializes in the field of medical technologies and is uniquely positioned to work collaboratively with emerging companies. The Norwich team is made up of former industry executives and entrepreneurs based in Massachusetts and Pennsylvania.In addition, we are pleased to announce that Mr. Robert Croce former Worldwide Franchise Chairman of Cordis, a Johnson & Johnson company has joined the company's Board of Directors. Bob concluded a 36-year career at Johnson & Johnson where he held a series of senior positions, culminating with 12 years as Company Group Chairman. Bob is one of the leading experts in the Interventional cardiology and brings a tremendous wealth of sector knowledge, experience, and relationships to the company.
“These are exciting events which continue to demonstrate our investor's commitment, strengthens our leadership and firmly positions us to continue with our vision to deliver a unique and much anticipated product to the coronary marketplace”, said Mark Pomeranz, President and CEO.
Svelte Medical Systems is a private company engaged in the development of highly deliverable balloon expandable stents with the focus to reduce time and cost in an angioplasty procedure. The company’s “Stent-on-a-Wire” system is a low profile, highly flexible stent system which navigates the vasculature in a similar fashion to a traditional guidewire. This unique design may allow physicians to eliminate several steps in the current stenting procedure and reduce the need for some ancillary devices resulting in potential significant cost savings. The company is also pursuing a drug eluting version of its “Stent-on-a-Wire” design.
Statements made in this press release that look forward in time or that express beliefs, expectations or hopes regarding future occurrences or anticipated outcomes or benefits are forward-looking statements. A number of risks and uncertainties such as risks associated with product development and commercialization efforts, results of clinical trials, ultimate clinical outcomes and benefit of the Company’s products to patients, market and physician acceptance of the products, intellectual property protection and competitive product offerings could cause actual events to adversely differ from the expectations indicated in these forward looking statements.
Source: Svelte Medical Systems
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