Cardiorobotics closes $11.6 Million in Financing - CTTEC - Carnegie Mellon University

Friday, July 24, 2009

Cardiorobotics closes $11.6 Million in Financing

Cardiorobotics, Inc., a medical device company developing snake robot technologies for use in a wide range of surgical and interventional applications has closed on an $11.6 Million private equity Series A round of financing. The round was lead by Eagle Ventures and its co-investors, The Pittsburgh Life Sciences Greenhouse and The Slater Technology Fund and affiliated investors.

Funds raised in this round will support the advancement of the clinical product, a clinical feasibility trial on humans, and completion of commercial product for regulatory approval in the United States and the European Union.

“This investment will be used to advance our core product, the cardioARM™, toward commercialization,” said Dr. Samuel Straface, Cardiorobotics, Inc., president and Chief Executive Officer. “We’re pleased to have Eagle Ventures, The Pittsburgh Life Sciences Greenhouse, and The Slater Technology Fund and affiliated investors share our vision in providing single-port off-pump treatments for patients with heart arrhythmias.”

“I am impressed by the combination of the breakthrough technology platform, experienced entrepreneurial leadership, and high commercialization potential of the cardioARM™,” said Mel Pirchesky, president and Chief Executive Officer of Eagle Ventures. “In particular, I was very impressed by the leadership’s talent and really amazed to learn that the Company’s system could convert a complex heart procedure that requires a heart-lung machine into a single-port, minimally invasive one of about an hour’s duration without the heart-lung machine.”

Cardiorobotics’ is the global leader in snake robotics for minimally-invasive cardiac interventions, allowing minimally invasive treatments for patients suffering with heart arrhythmias. Cardiac surgery is currently the Gold Standard invasive treatment option for patients with chronic heart arrhythmias, such as atrial fibrillation, but requires a large breastplate incision to access the heart as well as general endotracheal anesthesia. The heart-lung machine that is required for open-heart surgery (e.g. valve repair) adds further morbidity. Performing a single-port epicardial (outside the heart) intervention in a less invasive manner will dramatically improve patient recovery and significantly decrease risks involved with the current procedures.

Press Release Courtesy Cardiorobotics Inc.