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CV Ingenuity Announces Close of $16 Million Series B Financing Led by NEA
Date:10/4/2011

MENLO PARK, Calif., Oct. 4, 2011 /PRNewswire/ -- CV Ingenuity, a privately-held medical device company, today announced the close of a $16 million Series B round of financing led by New Enterprise Associates (NEA), a leading global venture capital firm. Existing investors BioStar Ventures, Synergy Ventures and Western Technology also participated in the round. CV Ingenuity (CVI), which is focused on the development of a drug-eluting balloon platform technology that aims to treat peripheral artery disease while also working to prevent restenosis, will use this latest round of funding to accelerate product development and expand the leadership team.  

"I am extremely pleased with the significant financial commitment that NEA and our existing investors have made to CVI in this funding round," said CEO Duke Rohlen. "Their financial support is further validation of our technology, our leadership team and our strategy to develop a drug eluting balloon technology to treat patients suffering from peripheral artery disease. We are thrilled to partner with these blue-chip investors as we accelerate into clinical development."

The afflicted patient population that CVI's technology will treat is substantial. It is estimated that PAD currently affects between eight and 12 million adults-and is the leading cause of amputation in patients over 50. Hospitalization costs of PAD alone are estimated to exceed $21 billion annually.

"CVI is addressing an important and overlooked disease within a market that has an estimated $1 billion potential," said NEA General Partner Ryan Drant. "They have developed an extremely sound technology platform and have a tremendously talented and resourceful team that is now in a position to expand and rapidly develop this promising device." Mr. Drant and Justin Klein, a principal with NEA, will join the CVI Board of Directors.

About CV Ingenuity

CV Ingenuity is a Palo Alto, CA based medical device compa
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SOURCE CV Ingenuity
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