Navigation Links
Aviir Secures Second $10 Million Financing Tranche; Attracts New Investor Group
Date:2/12/2013

IRVINE, Calif., Feb. 12, 2013 /PRNewswire/ -- Aviir Inc., a biotechnology company dedicated to the prevention of cardiovascular disease through innovative laboratory tests, today announced that its current investor group was joined by Partners & Partners to fund the second $10 million tranche of a total possible financing of $30 million. The financing was triggered by the company's successful achievement of revenue milestones ahead of schedule and the final investment of $10 million will again be based on continued commercial metrics.

The proceeds will be used to fund the nationwide commercial launch of MIRISK VP™, Aviir's proprietary cardiac risk assessment technology, and additional laboratory testing services provided through Aviir Diagnostic Laboratories, based in Irvine, California. Merck Global Health Innovation Fund led the round. Merck was joined by Partners & Partners.  Current investors Bay City Capital, Aberdare Ventures, and New Leaf Venture Partners also participated.

"Aviir's mission is to identify and prevent cardiovascular disease, and subsequent deaths, through blood tests that identify a patient's risk of having a heart attack within five years, combined with treatment plan recommendations," said Douglas Harrington , M.D., Chief Executive Officer of Aviir. "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." He added, "The MIRISK VP™ test determines an individual's risk of experiencing future cardiac events, enabling them to take preventive action before it is too late. Following our early commercial success in pilot programs, the additional funding support by our existing and new investors will now allow a broad commercial launch across the US and international distribution to begin mid-year."

Aviir's MIRISK VP technology consists of a simple blood test that can be ordered by doctors for their patients so they can understand their risk of experiencing a heart attack and be motivated to make therapeutic lifestyle changes. The MIRISK VP technology measures the blood levels of 7 proteins associated with the development of vulnerable plaque. It then uses a complex algorithm to analyze those results and other known risk factors to determine an individual's probability of experiencing a heart attack within the next five years. Aviir will also be offering doctors and cardiologists of these high-risk patients individualized recommendations for lifestyle changes aimed at mitigating their risk and improving their heart health. Inverness Advisors, a division of KEMA Partners LLC, acted as exclusive placement agent and Stradling Yocca Carlson & Rauth acted as legal counsel to Aviir for this financing and transaction.

About the MIRISK VP™ Assessment

The Aviir MIRISK VP Assessment was developed out of basic research at the Stanford University School of Medicine. Researchers identified proteins associated with the biological processes underlying vulnerable plaque development and showed they could be measured in a patient's blood up to 5 years prior to a plaque rupture and the ensuing heart attack. Aviir's scientists developed sensitive multiplexed assays to measure proteins in a person's serum and an algorithm that combines the levels of those proteins with other clinical risk factors into the MIRISK VP Assessment to provide an absolute risk score for CHD risk. That algorithm has been shown in an independent study population to significantly reclassify intermediate risk individuals into their true risk category. By objectively classifying those patients at high risk, the Aviir MIRISK VP Assessment supports physicians to more effectively manage and treat this group – aiding in the reduction and prevention of cardiac events. Used in conjunction with other clinical information, the MIRISK VP Assessment's easy to understand risk score for the imminent 5-year horizon may motivate compliance and behavioral changes by patients previously misidentified as intermediate risk.

About Aviir

Aviir was founded in 2005 by cardiologists and scientists from the Stanford University School of Medicine to focus on discovery, development and commercialization of innovative diagnostic tests. The biotechnology company specializes in developing proprietary diagnostic tests to assist in identifying patients who are truly at high risk for the development of a cardiac event.

Aviir's proprietary MIRISK and MIRISK VP assessments objectively identify, using a single blood draw, individuals who are at a high risk of experiencing a cardiac event over the next five years. Aviir's CLIA certified laboratory (Irvine, CA) complements these novel tests with a wide range of additional tests for heart health assessment and therapeutic monitoring of cardiovascular disease and related metabolic disorders – including pharmacogenomic and genetic tests. The company has adopted a unique clinical laboratory service model to provide physicians better diagnostic tools to help improve the cardiovascular health of their patients. The company is privately owned and funded by leading life science venture capital firms. Please visit www.aviir.com for more information.

Company Contacts:
Matt Clawson
Life Capital Partners
949.370.8500

For media inquiries, please contact:
Dina Scaglione
Corporate Media Manager
949.910.9401


'/>"/>
SOURCE Aviir Inc.
Copyright©2012 PR Newswire.
All rights reserved

Related medicine technology :

1. Delcath Systems, Inc. Secures $20 Million Credit Facility
2. Argos Therapeutics Secures $25 million Series D Financing to Commence Phase 3 ADAPT Study in Patients with Metastatic Renal Cell Carcinoma (mRCC) in Mid-2012
3. Benvenue Medical Secures $25 Million Series D Financing
4. PLC Systems Secures Additional Financing For US Clinical Trials And General Working Capital
5. Dr. Jills Foot Pads Secures GSA Schedule and Expands to Service VA and Federal Agencies
6. Alexza Secures a $20 Million Committed Equity Financing Facility with Azimuth Opportunity, L.P.
7. BioMotiv Secures $21 million in Initial Funding
8. ROX Medical secures financing and achieves key milestones in providing minimally-invasive approach for treating hypertension
9. Principia Biopharma Secures $12.5M Second Tranche In Series A Financing, Expands Senior Management Team
10. Flexion Therapeutics Secures $20 Million in Series B Financing
11. Zafgen Secures $21 Million in Series D Financing
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:10/12/2017)... Divoti USA will engrave and process all non-coated stainless ... FDA requirements, which stipulates new criteria regarding medical device manufacture and ... ID jewelry such as Medical ID Bracelets, can rest assured that ... the new FDA requirements . ... Divoti offers this dark mark fiber laser engraving process with ...
(Date:10/11/2017)... -- Hill-Rom Holdings, Inc. ("Hill-Rom") (NYSE: HRC), today provided an ... Puerto Rico , where the company ... Following a comprehensive onsite assessment, ... damage, temporary loss of power and minimal water damage ... operations have resumed, and the company expects to return ...
(Date:10/4/2017)... Korea , Oct. 4, 2017  South Korean-based ... next-generation CPR training aide "cprCUBE" on Kickstarter. The device ... compression during cardiac arrests with better efficiency compared to ... also offers real-time feedback on efficacy of the compression ... crowdfunding campaign has a goal to raise $5,000. ...
Breaking Medicine Technology:
(Date:10/13/2017)... ... October 13, 2017 , ... ProVest ... the greater Dallas, Miami, and Raleigh regions, is organizing an extended charity drive ... rare and deadly chromosome abnormality. , After struggling since birth with several health ...
(Date:10/13/2017)... Pekin, IL (PRWEB) , ... October 13, 2017 ... ... Foundation, which established the certification process to promote standards of excellence for the ... iaedp™ Symposium, scheduled for March 22 – 25, 2018 in Orlando, Florida at ...
(Date:10/13/2017)... ... October 13, 2017 , ... Many families have long-term insurance that covers ... companies have a waiver for care if the client has a cognitive impairment diagnosis. ... pays for care, is often waived, so the benefits from their insurance start immediately,” ...
(Date:10/13/2017)... ... 13, 2017 , ... Talented host, actor Rob Lowe, is ... a new episode of "Success Files," which is an award-winning educational program broadcasted ... each subject in-depth with passion and integrity. , Sciatica occurs when the sciatic ...
(Date:10/12/2017)... (PRWEB) , ... October 12, 2017 , ... ... are now treating sleep apnea using cutting-edge Oventus O2Vent technology. As ... serious sleep disorder characterized by frequent cessation in breathing. Oral appliances can offer ...
Breaking Medicine News(10 mins):