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Aviir Secures Third $10 Million Financing Tranche To Fund Expanded Sales Of New Heart Risk Test
Date:6/21/2013

Irvine, CA (PRWEB) June 21, 2013

Aviir Inc., a biotechnology company dedicated to the prevention of cardiovascular disease through innovative laboratory tests, today announced that its current investor group, including its newest investor Partners & Partners, has funded the third $10 million tranche that rounds out the total financing of $30 million initiated in December 2011. This financing was again triggered by the company’s successful achievement of revenue milestones ahead of schedule.

The proceeds will be used to build out commercial infrastructure, accelerate the nationwide commercial launch, broaden third-party reimbursement and initiate foreign distribution of MIRISK VP™, Aviir’s proprietary cardiac risk assessment technology, and additional laboratory testing services. Merck Global Health Innovation Fund led the round, and was joined by Partners & Partners. Current investors Bay City Capital, Aberdare Ventures, and New Leaf Venture Partners also participated.

Douglas Harrington, M.D., CEO of Aviir commented, “Our pilot and regional launch programs have generated both enthusiastic response among the physician community and commercial adoption. The additional funding will now allow us to conduct a more broad commercial launch domestically and take the next steps toward a comprehensive international distribution plan to be rolled out later this year.”

Harrington continued, “The MIRISK test determines an individual’s risk of experiencing future cardiac events, enabling them to take preventive action before it is too late. 50% of people who have a heart attack have normal cholesterol levels, but cholesterol is only part of the risk equation. More than 70% of heart attacks are caused by the rupture of unstable plaque in the arteries, which leads to clotting and heart attacks. The MIRISK test serves as an early warning system that this condition may be present and, importantly, can be addressed.
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