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Sofinnova Partners Leads Investment Round in CoAxia
Date:6/22/2009

Funding of Stroke Company Exemplifies Firm's Strategy in the Field of Medical Device

PARIS and MINNEAPOLIS, June 22 /PRNewswire/ -- Sofinnova Partners of Paris, France today announced having led a $21.5M financing in Minneapolis based medical device company CoAxia. The round also included participation from previous major investors Affinity Capital Management, Baird Venture Partners, Canaan Ventures Partners, Johnson and Johnson Development Corporation, and Prism Ventureworks.

CoAxia is a company developing NeuroFlo(TM), a device providing perfusion augmentation developed for the treatment of ischemic stroke. The purpose of this Series D financing is to provide sufficient funds for CoAxia to complete its SENTIS pivotal trial, and to submit results to the US FDA. In addition, the funds will allow further investigation of NeuroFlo in combination with a variety of stroke devices and drugs, and initiation of marketing.

Antoine Papiernik, Managing Partner at Sofinnova Partners commented: "Sofinnova is pleased to have led this financing round in CoAxia. We have long been interested in treatment opportunities in ischemic stroke, given the very large, global, untreated population. We had been following CoAxia's progress for many years, already considered investing five years ago, but we felt today was for us the right time to get involved. We find the NeuroFlo technique very compelling, given its ease of use, excellent safety profile and impressive early clinical results. If the SENTIS trial is successful, we believe that NeuroFlo has the potential to become a standard of care. We are very impressed with the strength of CoAxia's operating team, with whom we have interacted for many years, and are convinced that they can continue to deliver on the NeuroFlo potential. I look forward to joining CoAxia's Board of Directors for this exciting period ahead."

CoAxia President & CEO Andrew M. Weiss s
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SOURCE CoAxia, Inc.
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