Lutonix Inc. Announces $20 Million Series B Financing
Versant Ventures Leads Investment in Lutonix to Fund Human Clinical Trials
Freemont, California, October 27, 2008 -- Lutonix Inc., today announced the close of a $20 million Series B financing. Co-Founded in July 2007 by Dennis Wahr, M.D. and Lixiao Wang PhD, Lutonix is a medical device company focused on the development and commercialization of drug coated balloon angioplasty technology for the treatment and prevention of coronary and peripheral artery stenosis caused by atherosclerosis. Lutonix's drug coated balloon technology is anticipated to enhance therapeutic options for patients who are candidates for conventional therapies such as balloon angioplasty and stents and for those who are no longer likely to benefit from those treatments. Lutonix's first targeted indication is expected to be the treatment and prevention of vascular restenosis through the use of its proprietary, drug coated balloon angioplasty catheter. Lutonix will use the new capital for continued product development activities and to fund the company's initial human clinical trials.
The round was led by Versant Ventures (www.versantventures.com), a leading healthcare-focused venture capital firm, that was joined by new investor, Delphi Ventures (www.Delphiventures.com). Also participating in this round were both Series A investors, U.S. Venture Partners (www.usvp.com) and founding venture firm RiverVest Venture Partners (www.rivervest.com). In conjunction with the financing, Kevin Wasserstein, Managing Director of Versant Ventures, and John Maroney, Managing Director of Delphi Ventures have been added to the Board of Directors, which also includes : Jonathan Root, M.D., Managing Director of U.S. Venture Partners; Jay Schmelter, Managing Director of RiverVest Venture Partners; Mike Berman, past medical device company executive and President of Berman Medical; co-founder and Chief Technical Officer, Lixiao Wang PhD; and co-founder, President, and CEO, Dennis Wahr, M.D.
"This substantial funding from sophisticated blue-chip investors provides a solid financial foundation and is a testament to the promise of Lutonix's technology and the capabilities of Lutonix's experienced leadership team. We are thrilled to have these new investors join our team and contribute their extensive operational experience and financial resources to our organization," explained Lutonix CEO Dennis Wahr.
"We are thrilled to be a part of Lutonix's mission, to pioneer an exciting and potentially very significant new wave in vascular medicine. Lutonix and its extraordinary team hold the promise of changing the standard of care for interventions in patients worldwide," explained Kevin Wasserstein of Versant Ventures.