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BioVascular Inc. Closes $10.87 Million Series C Financing
Date:2/7/2008

Funds to Finance On-going Clinical Development of Saratin and BVI-007

SAN DIEGO, Feb. 7 /PRNewswire/ -- BioVascular Inc., a company focused on developing therapies targeting platelet-mediated diseases, today announced that it secured $10.87 Million in Series C financing. The Series C funds will support the clinical development of BioVascular's therapeutics targeting platelet-mediated diseases, saratin and BVI-007.

BB Biotech Ventures of Zurich, Switzerland led the financing; previous investors Merck KGaA and Domain Associates also joined the round. In connection with the financing, Martin Munchbach, Ph.D., partner of BB Biotech will join BioVascular's board of directors.

Dr. Munchbach joined BB Biotech Ventures in 2004. Prior to joining BB Biotech, he served as a partner at BioMedinvest and has held senior level positions at HBM Partners and New Medical Technologies (NMT). Before NMT, Dr. Munchbach gained experience in strategic marketing at Sanofi-Synthelabo. Dr. Munchbach holds a Ph.D. in protein chemistry, an MSc in biochemistry and a master in economics from the Swiss Federal Institute of Technology (ETH), Zurich.

"With the support of Domain Associates and Merck KGaA, BioVascular has built a solid strategy for advancing our two clinical candidates," noted John Parrish, CEO of BioVascular. "As we execute on our plan to become a world-class cardiovascular specialty therapeutics company, we welcome the financial support and advice of Dr. Munchbach and BB Biotech."

Funds raised through this financing will allow BioVascular to complete ongoing clinical trials of its two compounds, saratin and BVI-007. The company has raised a total of $18.87 million to date. Saratin is under investigation to reduce the failure of vascular grafts due to intimal hyperplasia and is currently the subject of two Phase I/II clinical trials. BVI-007, a compound that acts to reduce platelet production without affecting platelet function, is being stud
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SOURCE BioVascular Inc.
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