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Accelerated Technologies Announces USD 32 mln Private Financing
Country: United States of America
Sector: Life Sciences
Release Date: 06-01-2004
Accelerated Technologies, Inc. (ATI), a New York based partnership model for the creation and acceleration of cardiovascular devices into the market, today announced that it received USD 32 mln in funding in its second round of financing. ABN AMRO Capital from The Netherlands led the round and was joined by existing investor Giza Venture Capital and founding investor Oxford Bioscience Partners. The financing creates an equal partnership in between these three investors. The Funding will allow ATI to significantly expand its portfolio of projects and affiliates.
Since its inception in 2001, ATI has created three stand-alone companies and currently supports two seed projects inside the company. ATI represents a unique acceleration model where a group of key opinion leaders are not only consulted, but truly integrated into the opportunity selection, value creation and validation process. This key opinion leader group actually commits a significant portion of their professional time to ATI and meets on a monthly basis.
'We are excited to be backing such a great initiative in the cardiovascular device space. We believe that ATI's approach represents a unique opportunity to develop new minimally invasive devices that will change tomorrow's medical practice and will become the basis for a greater number of better, safer therapies. We, therefore, see our partnership with ATI as strong and synergistic with our portfolio,' said Martien van Osch, Geert-Jan Mulder MD, Directors at ABN AMRO Capital.
'The ATI model provides for acceleration with a lower risk profile by preloading the clinical brain trust and the investor syndicate into a company from Day 1. The clinical brain trust provides the engineering team with direct access to a balanced group of world experts to assist in accelerating the early stages of design development, creating a much greater chance that an optimum device design will be created the first time. The investor syndicate also accelerates the development timeline by allowing the management team to spend less time on fund raising and more time on advancing the development of the specific device opportunity. We can lower the risk profile through the deep diligence that our physician team can perform for ATI. These efforts have resulted in three interesting companies so far: FlowMedica, X-Cell Medical and Impella, which have made incredible progress towards the commercialization of their technologies,' said Rick Geoffrion, CEO of ATI and Yuval Binur, co-founder of ATI.
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