CHATTANOOGA, TN--(Marketwired - Aug 20, 2014) - Advanced Catheter Therapies, Inc. (ACT) (www.acatheter.com) announced today that its $3 million Series B preferred equity financing has been oversubscribed and the company is expanding the round to $4.5 million. ACT is now actively seeking to complete the round with an additional $1.1 million. ACT is a research and development medical device company with a portfolio of innovative catheter technologies addressing vascular disease and targeted endovascular drug delivery.
The Series B equity financing was provided by a majority of the company's Series A investors, including ACT I Investments, LLC, a group of Chattanooga-based investors; the Chattanooga Renaissance Fund, a for-profit angel capital fund started and funded by Chattanooga business leaders; and the Maclellan Foundation and its affiliates. New investors include Innova Fund II LP based in Memphis, TN; INCITE Co-Investment Fund, administered by Launch Tennessee; Chattanooga-based DeMoss Alternative Opportunities Fund, LP, and Blank Slate Venture Fund II, LLC; plus a number of Chattanooga-based angel investors.
"Our investors continually monitor the activities and progress at ACT, so it is very rewarding to receive additional financial support from them along with our new investors, all from Tennessee," said Paul J. Fitzpatrick, CEO of ACT. "We have received strong interest from several different organizations regarding the clinical applications of our lead product, the Occlusion Perfusion Catheter™ (OPC), for the endovascular delivery of targeted agents to treat restenosis, venous insufficiency and AV fistula blockages. By the end of 2014 we expect to have multiple catheter sizes available and commence limited test market release of the OPC for human use."
Fitzpatrick continued, "Our other products, including the Neuronal Protection System (NPS) for treating ischemic stroke, continue to advance toward pre-clinical trials. We are very pleased to see this level of clinical interest for a variety of applications both on the arterial and venous sides of the peripheral vasculature."
The patented OPC, which is 510(k) cleared, is a multi‐lumen balloon catheter designed to temporarily occlude a specific region from blood flow to allow the local delivery of various therapeutic and diagnostic agents to the peripheral vasculature. The OPC, which is disease and agent agnostic, has the ability to create a localized treatment chamber and place the agent circumferentially into the vasculature of the treatment chamber. Inflow and outflow ports allow for chamber evacuation, filling and flushing.
The OPC is unique in being able to measure pressure applied inside the treatment chamber. It affords clinicians substantial procedural control along with the ability to select the agent and volume, as well as preventing systemic release of the agent.
About ACT
Advanced Catheter Therapies, a research and development medical device company, has a portfolio of innovative catheter technologies targeting vascular disease including thrombosis, inflammation, occlusions and restenosis. www.acatheter.com
Contact Information:
Media inquiries:
Lynn Hood
678-974-2623
ACT contact:
Paul Fitzpatrick
423-321-8964