Venture Capital, Coherex Medical Closes $16.5m Series B Financing

Coherex Medical, a Salt Lake City-based company focused on addressing structural heart disease and conditions through the development of innovative medical devices, closed a $16.5m Series B preferred stock financing co-lead by vSpring Capital and Oxford Bioscience Partners. 

After the close of this investment, Coherex has now raised nearly $28m in equity financing from outside funding sources since inception in 2003.

In this round, vSpring Capital and Oxford Bioscience Partners, which already participated in Coherex’ prior Series A Preferred Stock financing, were joined by Tullis Health Investors, a venture capital firm focused on the healthcare industry.

Coherex announced last June the FlatStent EF, the first “in-tunnel” device to receive European Community’s Mark clearance for closing Patent Foramen Ovale (PFO), a heart defect found in about 20% of the worldwide population.

Richard J. Linder, Coherex president and CEO said: “I am pleased to announce today that Coherex Medical has closed its Series B financing, particularly given today’s challenging economic times.

“This is a solid example of the quality of the Coherex team and our success in developing the Coherex FlatStent EF PFO Closure System, a technology that represents a significant advancement in the treatment and repair of patent foramen ovale, a common heart defect”.

Dinesh Patel, Ph.D., vSpring managing partner and Coherex board member, was reported as saying: “We believe that PFO closure represents a significant market opportunity, and we are confident that Coherex Medical has developed the next generation device for PFO closure with its Coherex FlatStent.

“In addition, we believe Coherex is establishing itself as a leading structural heart company, and as a result, we are excited to invest again in Coherex, its technologies and its people”.



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