Innerpulse, Inc. Raises $50 Million New Equity Financing
RESEARCH TRIANGLE PARK, NC, January 29, 2007 at 7:45 am EST - InnerPulse, Inc, a privately held company developing unique technologies for the treatment of abnormal heart rhythms, announced today the closing of $50 million in new equity financing. The new capital will be used for the completion of the Company's novel implantable defibrillator and to support the infrastructure required to advance the Company from its early developmental phase to human clinical trials and commercialization.
The syndicate of investors included Johnson & Johnson Development Corporation, Medtronic, Inc., Synergy Life Science Partners, Ascent Biomedical Ventures, Delphi Ventures and Frazier Heathcare Ventures. Additonally, Boston Scientific and Greatbatch, Inc. remain significant stockholders of InnerPulse.
InnerPulse is pioneering a promising new technology that has the capacity to change how patients with cardiac rhythm disorders are treated. The Company’s products employ an innovative technology to simplify the implant utilizing a minimally invasive approach that shortens the procedure, reduces post implant discomforts, and renders the device invisible. The minimally invasive nature of the technology will expand the number of implanting physicians, thereby providing access to more patients who critically need defibrillator technology.
InnerPulse was founded in 2003 and has moved the development of the first product, the Percutaneous Implantable Cardioverter Defibrillator (PICD)™, through early development stage. Dan Pelak, President and CEO, commented: "We are very pleased with the quality of our investors and the level of financing we have achieved. InnerPulse has made significant progress to date and now has the resources to execute on our business plan with a focus towards the commercialization of our first generation product. This funding will allow our company the ability to commercialize a technology that will save the lives of many individuals with heart disease.”
About InnerPulse, Inc.
Founded in 2003, InnerPulse is a privately held, early-stage company pioneering an alternative to traditional electrophysiological devices. More information is available at www.inner-pulse.com.
919 287 4111
Allen & Caron Inc
949 474 4300