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:2/24/2017)... , Australie, le 24 février 2017 ITL Limited, ... santé diversifiée innovante, est ravie d,annoncer les excellents résultats ... la période précédente correspondante. Une présentation complète « Résultats et ... être consultée ici . Faits ... de 2,12 millions $ (Déc. 2015 : 1,04 million $ ; en hausse de ...
(Date:2/24/2017)... 23, 2017  This report analyzes the worldwide markets ... Products: Intermediates, Analytical, and Others. The ... Pharmaceuticals, and Agrochemicals. The report provides separate comprehensive analytics ... Europe , and Rest of World. Annual ... through 2022. Also, a six-year historic analysis is provided ...
(Date:2/24/2017)... , Feb. 23, 2017  The particle counters ... by 2021 from USD 275.9 million in 2016, ... the full report: http://www.reportlinker.com/p04718602-summary/view-report.html ... on pharmaceutical R&D, and growth in manufacturing industries ... market growth for particle counters. On the other ...
Breaking Medicine Technology:
(Date:2/24/2017)... ... February 24, 2017 , ... In the Health Care IT campaign, Robert ... because it’s not if you will be attacked, but when.” However, he and many ... digital health care. , Improvements in auditing and monitoring have taken security in health ...
(Date:2/24/2017)... Viejo, CA (PRWEB) , ... February 24, 2017 , ... ... Final Cut Pro X . Users have total control over position, rotation, distortion, ... and more all within Final Cut Pro X. , With ProGlass Prism users are ...
(Date:2/24/2017)... ... February 24, 2017 , ... Indiana Fiber Network (IFN) President and ... this year. Dyer started as the Chairman of the Management Committee when IFN ... the corporation including the recruitment of investor/owners and development of the business plan. ...
(Date:2/24/2017)... ... February 24, 2017 , ... Castle ... hosted their Military Wedding Giveaway, with the winning couple announced on Feb. 14, ... services generously donated from local vendors: A Matter of Taste, Ryan Rousseau Enterprises, ...
(Date:2/23/2017)... Miami, FL (PRWEB) , ... February 23, 2017 ... ... largest non-profit organization devoted exclusively to funding innovative lymphoma research and serving the ... services – will return to the La Gorce Country Club in Miami Beach ...
Breaking Medicine News(10 mins):