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PhotoThera Closes $50 Million Financing, Announces New President and Chief Executive Officer
Date:4/30/2009

PREPARES FOR LAUNCH OF 'NEST-3' ACUTE ISCHEMIC STROKE CLINICAL TRIAL

CARLSBAD, Calif., April 30 /PRNewswire/ -- PhotoThera, Inc., the developer of transcranial laser therapy (TLT) designed for the treatment of acute ischemic stroke within 24 hours of stroke onset, announced today that it has closed a $50 million Series D round of financing led by Warburg Pincus, a leading global private equity firm, to fund a planned follow-on phase III 'NEST-3' (NeuroThera(R) Effectiveness and Safety Trial) clinical study. The Company previously announced that NEST-3 would build upon the results of its NEST-2 trial, which revealed a statistically significant treatment effect for patients with moderate to moderately severe ischemic strokes using a post-hoc data analysis.

In addition to Warburg Pincus, participating investors include The Vertical Group L.P., Hamilton BioVentures, Delphi Ventures, DeNovo Ventures, and certain individual members of Monterey Advisors, Inc.

PhotoThera also announced that Arthur T. Taylor, former Chief Operating Officer of Kyphon Inc., has been appointed as President and Chief Executive Officer. Taylor succeeds Thomas C. Wilder III who has decided to pursue other opportunities after successfully securing the Series D funding and serving as the Company's President and Chief Executive Officer since April 2006.

"I am very excited about the opportunity to lead PhotoThera during this critical period of building the clinical evidence to support use of our TLT technology in treating acute ischemic stroke patients," said Taylor.

Taylor most recently served as Vice President and General Manager for the Kyphon Products, Spinal & Biologics Business of Medtronic, Inc. Prior to Medtronic's acquisition of Kyphon in late 2007, Taylor served as Kyphon's Chief Operating Officer from 2006, and as Chief Financial Officer from 2004 through 2006. Prior to his Kyphon tenure, Tay
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SOURCE PhotoThera, Inc.
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