Minnow Medical, Inc., a Laguna Hills, California-based developer of a platform technology employing radiofrequency thermoplasty for the treatment of in-stent restenosis and other peripheral vascular conditions, closed two financing transactions valued at an aggregate of $4.7m.
The transactions include the sale of $3.2m in preferred stock and $1.5m in convertible notes that convert into preferred stock.
Both transactions were led by Neomed Management, with participation from Minnow Board Chairman Olav Bergheim, Christopher Weil and Company, Inc. and other additional private investors.
The proceeds from the financings will be used to extinguish bank debt, providing working capital and financing a European clinical trial to further test the company’s ZCath™ System, a patented angioplasty balloon catheter combined with controlled radiofrequency energy whose design promises to reverse restenosis that has developed in peripheral vascular stents.
FinSMEs
20/10/2010