Cardiva Raises $15.5 Million

Cardiva Medical Inc., a Mountain View, Calif.�based developer of vascular closure devices, has raised $15.5 million in Series D funding. PTV Sciences led the round, and was joined by return backers Galen Partners, Sycamore Ventures, Amkey Ventures, Lexli Investment and Eminent Venture Capital. The company has now raised around $49 million in total VC funding since 2003.

 

PRESS RELEASE

 

Cardiva Medical, Inc., a privately held medical device company, announced today it has closed a $15.5 million private equity financing lead by PTV Sciences. Also investing in this financing were existing investors Galen Partners, Sycamore Ventures, Amkey Ventures, Lexli Investment, and Eminent Venture Capital. Cardiva intends to use the proceeds of the financing for general corporate purposes, including the expansion of its U.S. sales force.

 

Cardiva also announced that Mr. Rick Anderson, a Managing Director with PTV Sciences will join Cardiva’s Board of Directors. Prior to PTV Sciences, Mr. Anderson served as Company Group Chairman, Johnson & Johnson, and Worldwide Franchise Chairman, Cordis Corporation. He was a key architect behind the launch of the world’s first drug-eluting stent the CYPHER(R: 70.91, -0.69, -0.96%) Sirolimus-eluting Coronary Stent.

 

“We are delighted that PTV Sciences has joined with Cardiva’s current investors to finance the expansion of our direct sales force in the U.S.,” said Augustine Lien, Chairman and CEO. “We now have the resources to aggressively expand our customer base. We are also extremely pleased that Rick Anderson is joining our Board of Directors as his experience is ideally suited to assist Cardiva’s expansion in the U.S. cardiology market.”

 

“We are extremely excited about Cardiva’s growth prospects,” commented Rick Anderson. “Cardiva represents an outstanding opportunity to improve patient care by allowing patients to be discharged from the hospital faster without the complications usually associated with vascular closure devices, especially in interventional cardiology.”

 

About Cardiva Medical, Inc.

 

Founded in July 2002, and headquartered in Mountain View, Calif., Cardiva Medical, Inc. is a privately held medical device company focused on developing and commercializing devices which close the vascular access site with unsurpassed safety and ease-of-use. Cardiva’s first product, the Boomerang Wire System, was approved in EU countries and in the U.S. in 2004. Cardiva’s second-generation product, the Boomerang Catalyst System, was approved in March 2007 and launched in July 2007. The enhanced Boomerang Catalyst, trade named as “Boomerang Catalyst II System” received 510(K: 52.17, -0.23, -0.43%) clearance in September 2007 and launched in January 2008. Cardiva was selected by Frost & Sullivan as the recipient of the 2006 Frost & Sullivan Award for Entrepreneurial Company in the U.S. angioplasty and vascular closure devices market. For additional information about Cardiva please see our website at http://www.cardivamedical.com.