Vivant Medical Secures $6.5 Million in Funding
Mountain View, California – January 2004 – Vivant Medical, Inc., a pioneer in developing microwave technology for the ablation of solid tumors, announced the completion of a $6.5 million equity financing. The round was led by California Technology Ventures, joining existing investors Adams Street Partners, Johnson & Johnson Development Corporation, Pacific Venture Group, Three Arch Partners and Dr. Thomas Fogarty, who all participated in this financing. Gary Lazar, M.D., a Managing Director of California Technology Ventures, will join the company’s Board of Directors.
“This financing is important in that it will enable the company to complete the clinical studies that demonstrate to clinicians the attractiveness of this minimally invasive technology in providing local control of many solid tumors,” stated Rod Young, President and CEO of Vivant Medical. “In addition, Dr. Lazar’s experience, both as an investor and as a practicing oncologist at UCLA for more than 12 years, will be invaluable to Vivant.”
“I am impressed by the ability of the microwave technology to ablate relatively large and unresectable tumors in a short, minimally invasive procedure,” stated Dr. Lazar. “Vivant has the potential to offer the oncologist a better tool for cancer patients who frequently have few good options.”
The company’s VivaWaveTM Ablation System has received FDA 510(k) clearance for soft tissue ablation. Clinical marketing studies have been completed at the University of Wisconsin, and are underway at Rhode Island Hospital, UCLA and Wake Forest University Health Sciences. Additional sites are planning to initiate clinical studies within the next several months. These studies include the treatment of liver, lung, and kidney tumors, and also the palliation of pain resulting from bone or soft tissue tumors.
About VivaWave™
The VivaWaveTM Ablation System has been designed to provide larger, faster ablations more predictably, consistently and safely. Clinicians are also interested in the other inherent advantages of microwave energy, including the ability to ablate with multiple probes concurrently and the fact that grounding pads are not necessary. The system includes two styles of microwave probes: the VivaRingTM and the VivaTipTM. The VivaRingTM is uniquely designed to encircle a tumor during either a surgical or percutaneous procedure. This proprietary configuration allows the clinician to define the target tissue under imaging guidance and then ablate from the outside in. The VivaTipTM employs a straight, rigid shaft with a sharp tip that can also be placed either surgically or percutaneously, much like a biopsy needle. The microwave energy is radiated within a specific region around the distal end of the probe. It can be used either singularly or simultaneously in combination with additional VivaTipTM or VivaRingTM probes, thus allowing the ablation of either large or multiple tumors while minimizing procedure time.
About Vivant Medical
Vivant Medical, Inc. is a privately held, emerging growth company founded by Thomas J. Fogarty, M.D., a clinician, inventor, and teacher for more than 40 years. The overall mission of Vivant Medical is to develop novel and proprietary microwave ablation technology for the minimally invasive treatment of benign and cancerous solid tumors. Dr. Fogarty first pioneered commercially successful products when he developed a line of balloon-based vascular catheters. These catheters, which bear his name, have been marketed for 25 years. He subsequently has been a founder or investor in over 30 medical companies including ACS, AneuRx, Biopsys Medical, DVI, Revivant, and Ventritex. In 2000 he was awarded the Lemelson MIT Prize for invention and innovation. Vivant is located in Mountain View, California. For additional information, visit the Vivant Medical website.
8/19/2004
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