NeuroVista, Corp. Raises $33.8 Million in Series B Financing
Business Wire, May 10 2007, 10:30 AM EST
NeuroVista Corporation, a developer of innovative medical technologies for the management and treatment of epilepsy, today announced it has closed a Series B financing with total proceeds of $33.8 million. Advanced Technology Ventures and Delphi Ventures made the principal investment in the financing. Series A investors Three Arch Partners, Sprout Group and Foundation Medical Partners also participated in the round. In addition, the company announced its name change from BioNeuronics Corporation.
NeuroVista plans to use the financing to fund the continued development of its technologies and its clinical research program.
"With this capital, the NeuroVista team is looking forward to completing the development of our technology and having the opportunity to demonstrate its clinical utility in the lives of patients suffering from epilepsy," said John F. Harris, President and Chief Executive Officer of NeuroVista. "We believe that our technology has the potential to significantly impact the quality of life of epilepsy patients and dramatically alter treatment paradigms."
According to the Epilepsy Foundation, epilepsy affects 2.5 million people in the United States, which is more than Parkinson's disease, multiple sclerosis and amyotrophic lateral sclerosis (Lou Gehrig's Disease) combined. The defining characteristic of epilepsy is recurrent seizures that strike without warning. Approximately 750,000 people are refractory to medication and continue to have seizures, which dramatically impacts their lives. Of those whose condition is controlled by medication, they often must cope with significant, debilitating side effects. NeuroVista is developing technology solutions to address these patient populations.
"Those with epilepsy, particularly patients refractory to medication, represent a large, underserved patient population that stands to significantly benefit from NeuroVista's innovative technology," said David L. Douglass, General Partner, Delphi Ventures. "We are confident that the NeuroVista team has the vision and experience to successfully execute on this important opportunity based on their collective track record and the early clinical data."
NeuroVista is an early-stage medical device company pioneering new technologies that will revolutionize the management and treatment of epilepsy. Epilepsy is a neurological condition affecting approximately 1% of the U.S. population -- more than Parkinson's disease, multiple sclerosis, and Lou Gehrig's disease combined. NeuroVista is a privately held company based in Seattle. For more information visit www.neurovista.com.
About Advanced Technology Ventures
Founded in 1979, Advanced Technology Ventures (ATV) is a bi-coastal venture capital firm with more than $1.4 billion in capital under management. ATV works closely with entrepreneurial teams in several technology markets, including communications, infrastructure, software and services, consumer technology, biopharmaceuticals, medical devices and emerging technologies, to build emerging-growth business ventures into market leaders. With more than 25 years of experience, ATV has a proven track record of success in helping to build strong, sustainable business enterprises. For more information visit www.atvcapital.com.
About Delphi Ventures
Delphi Ventures is a venture capital firm that has focused on early stage investing in medical devices and biotechnology for two decades. With more than $850 million in committed capital, Delphi Ventures has funded over 150 companies. More than 90 of the firm's portfolio companies have either completed an initial public offering or have been acquired by a leading healthcare corporation. For more information visit www.delphiventures.com.