More validation
Recall the following from a Sep.7 NR, "Response Biomedical has signed an agreement with Ischemia Technologies Inc. to co-develop a rapid diagnostic test to detect ischemia, a clinical condition that precedes a heart attack. The point-of-care test will be developed on Response Biomedical's Ramp rapid diagnostic platform using proprietary antibodies developed by Ischemia Technologies."
Below is a recent NR from Ischemia - a fair number of investors seem to believe that the ischemia test will be the next big thing ...and Response will have exclusive rights for the POC market.
ISCHEMIA TECHNOLOGIES COMPLETES SERIES B EQUITY FINANCING
DENVER, CO, December 21, 2000- Ischemia Technologies, Inc. announced today that it has completed its Series B financing with an aggregate investment of $10.3 million. White Pines Ventures of Ann Arbor, Tenex Medical of Silicon Valley, and a European investor added $3.5 million to the $6.8 million received in the company’s first closing in November.
The company is developing products based on its patented biochemical marker, in which protein found in blood appears to be modified when exposed to ischemic tissue. Ischemia occurs when there is an imbalance between oxygen supply and demand to human tissue such as the heart or brain. Ischemia Technologies’ first product, the Albumin Cobalt Binding (ACB) Test, is an in vitro diagnostic test currently under review by the FDA.
“Results from the first multicenter clinical trial look very promising,” noted Tom Cox, Vice President of White Pines Ventures. “The ACB Test used in conjunction with troponin showed better sensitivity and earlier identification of patients with acute myocardial infarction than troponin alone. We are pleased to partner with Ischemia Technologies to advance this exciting new technology for the benefit of patients with chest pain and other symptoms of cardiac ischemia.”
“We are receiving inquiries from researchers throughout the world who want to participate in clinical evaluations of our novel marker,” said Peter Crosby, President and Chief Executive Officer of Ischemia Technologies. “This funding will enable us to get our ACB Test into the hands of these researchers so that they can help us build our understanding of how our marker works on different patient populations.”
“Thanks to investor confidence in our technology and our employees, we now have the financial resources to accelerate our product development and launch our diagnostic tests in Europe and the US,” noted Robin Daigh, Vice President of Finance for Ischemia Technologies. The new investors join current investors Crawley Venture Group, Murphree Venture Partners, Quest Capital Partnership, Piedmont Ventures, Roser Ventures, Sequel Venture Partners, and Wolf Ventures.
Two new members have been appointed to the Board of Directors in conjunction with the financing. Alan Moore, MD, is a partner with Murphree Ventures who brings a valuable perspective as a practicing clinical pathologist. Thomas Cox is a Vice President with White Pines Ventures, and has over 20 years experience as an entrepreneur and executive in the medical device industry.
Ischemia Technologies has raised $16 million total financing, including $4 million in Series A funding and $2 million in seed capital. The company, located in Denver, CO, develops products and technologies to revolutionize the standard of care for patients with ischemia. Additional information can be found at www.ischemia.com. |
