Funding and Clinical Trial Progress Position Company for PMA Submission
MINNEAPOLIS, June 22 /PRNewswire/ -- CoAxia, Inc. of Maple Grove, MN, announced today completion of a $21.5M Series D financing. The round was led by Sofinnova Partners with participation from all previous major investors including Affinity Capital Management, Baird Venture Partners, Canaan Ventures Partners, Johnson and Johnson Development Corporation, and Prism Ventureworks.
In addition, CoAxia reported strong, continued enrollment in its SENTIS pivotal trial of NeuroFlo(TM) technology for acute ischemic stroke. The company has now enrolled over 75% of its goal of approximately 500 patients, with enrollment expected to conclude in early 2010, and PMA submission later that year. Also, the company announced that it has recently completed two pilot studies of its NeuroFlo catheter in additional stroke patient populations; a) those treated as late as 24 hours after stroke onset, and b) those who received NeuroFlo treatment in conjunction with intravenous tPA - the only FDA approved stroke treatment. If the trials are successful, CoAxia believes that the NeuroFlo technology has the potential to become integrated into the standard of care for stroke treatment, and thus treat more than 500,000 ischemic stroke patients per year - resulting in a market in excess of $1B.
The purpose of the Series D financing is to provide sufficient funds for CoAxia to complete the SENTIS 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.
CoAxia President & CEO Andrew M. Weiss stated, "We are excited to have attracted Sofinnova Partners to lead this round, and to have continued support from our current investors: Affinity, Baird, Canaan, JJDC & Prism. Despite the difficult financial environme
|SOURCE CoAxia, Inc.|
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