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11/07/2006
Stonehenge Announces Investment in iCardiac Technologies, Inc.
iCardiac Technologies Completes Oversubscribed Series A Round
Two National Venture Capital Firms Bring Total Investment in Round to $4
Million
ROCHESTER, N.Y., Nov. 7 /PRNewswire/ -- iCardiac Technologies, Inc., a
company formed earlier this year to commercialize leading cardiac safety
technologies developed at the University of Rochester Medical Center,
announced today that it has completed its Series A offering with an
additional investment of $2 million. This investment, led by the national
venture capital firms of Advantage Capital Partners and Stonehenge Capital
Company, brings the total Series A investment to $4 million.
iCardiac Technologies previously entered into an exclusive agreement
with the University of Rochester to license and commercialize technology
and unique biomarkers that enable pharmaceutical companies to more
effectively determine whether a drug poses cardiac risks. Cardiac safety
has become a major concern for pharmaceutical companies during the last
several years, highlighted by headline-grabbing stories about the
withdrawal of several popular drugs from the market after they were linked
to cardiac events. The technology also has a number of extension
opportunities, including medical devices and diagnostic applications.
"Advantage Capital is very pleased to enable iCardiac Technologies'
continued growth," said Tim Cockshutt, a managing director with Advantage
Capital. "iCardiac is well positioned to resolve what is perhaps one of the
largest safety-related bottlenecks in modern drug development."
Brian Model, a vice president with Stonehenge Capital, said that the
venture capital firm identified iCardiac as the clear technology leader in
the field of advanced cardiac safety biomarkers and this investment will
now allow iCardiac to continue to grow both its workforce and its business.
"The business and scientific teams behind the company are highly
experienced and have made significant progress with customers and thought
leaders in the area of cardiac safety," said Model.
Mikael Totterman, Chief Executive Officer of iCardiac Technologies,
said the company will utilize the additional funds to meet the increased
interest in its technology by the pharmaceutical and biotechnology
industries.
"We are extremely pleased to accept investments from two national
venture capital firms with expertise in the healthcare industry," Totterman
said.
Both Advantage and Stonehenge invested in connection with New York's
Certified Capital Companies program, which encourages the flow of
investment capital to promising small companies located in the State of New
York.
About iCardiac Technologies, Inc.
iCardiac Technologies, Inc. is a leading provider of advanced cardiac
safety analysis technologies. The company evolved from research carried out
at the world-renowned Heart Research Follow-up Program at the University of
Rochester. The company's technology provides more rigorous characterization
of the cardiac safety profiles of in-development and on-market drugs. This
allows iCardiac's customers to both accelerate drug development as well as
bring compounds forward in clinical trials with more confidence about their
cardiac safety. Additionally, the company's core technology has
applications in ECG-based cardiac diagnostics and medical devices. For more
information on iCardiac Technologies, visit http://www.icardiac.com .
About Advantage Capital Partners
Advantage Capital is a private equity and venture capital firm focused
on investing in promising companies across a variety of industry sectors,
including healthcare, life sciences and software solutions. With offices
and partners in New York, New Orleans, St. Louis, Austin and other major
cities, Advantage has raised more than $750 million in institutional
venture capital since 1992. For more information, visit:
http://www.advantagecap.com .
About Stonehenge Capital Company, LLC
Stonehenge Capital Company, LLC is a nationwide specialty finance firm
with expertise in venture capital, mezzanine, private equity, tax credit
and structured finance transactions. Stonehenge manages approximately $500
million in investment funds through its offices in New York, Alabama,
Colorado, Florida, Louisiana, Missouri, Ohio, Texas, and Wisconsin.
Approximately $115 million of Stonehenge's funds exclusively target growth
opportunities in New York State based businesses.
For more information, visit: http://www.stonehengecapital.com .
Two National Venture Capital Firms Bring Total Investment in Round to $4
Million
ROCHESTER, N.Y., Nov. 7 /PRNewswire/ -- iCardiac Technologies, Inc., a
company formed earlier this year to commercialize leading cardiac safety
technologies developed at the University of Rochester Medical Center,
announced today that it has completed its Series A offering with an
additional investment of $2 million. This investment, led by the national
venture capital firms of Advantage Capital Partners and Stonehenge Capital
Company, brings the total Series A investment to $4 million.
iCardiac Technologies previously entered into an exclusive agreement
with the University of Rochester to license and commercialize technology
and unique biomarkers that enable pharmaceutical companies to more
effectively determine whether a drug poses cardiac risks. Cardiac safety
has become a major concern for pharmaceutical companies during the last
several years, highlighted by headline-grabbing stories about the
withdrawal of several popular drugs from the market after they were linked
to cardiac events. The technology also has a number of extension
opportunities, including medical devices and diagnostic applications.
"Advantage Capital is very pleased to enable iCardiac Technologies'
continued growth," said Tim Cockshutt, a managing director with Advantage
Capital. "iCardiac is well positioned to resolve what is perhaps one of the
largest safety-related bottlenecks in modern drug development."
Brian Model, a vice president with Stonehenge Capital, said that the
venture capital firm identified iCardiac as the clear technology leader in
the field of advanced cardiac safety biomarkers and this investment will
now allow iCardiac to continue to grow both its workforce and its business.
"The business and scientific teams behind the company are highly
experienced and have made significant progress with customers and thought
leaders in the area of cardiac safety," said Model.
Mikael Totterman, Chief Executive Officer of iCardiac Technologies,
said the company will utilize the additional funds to meet the increased
interest in its technology by the pharmaceutical and biotechnology
industries.
"We are extremely pleased to accept investments from two national
venture capital firms with expertise in the healthcare industry," Totterman
said.
Both Advantage and Stonehenge invested in connection with New York's
Certified Capital Companies program, which encourages the flow of
investment capital to promising small companies located in the State of New
York.
About iCardiac Technologies, Inc.
iCardiac Technologies, Inc. is a leading provider of advanced cardiac
safety analysis technologies. The company evolved from research carried out
at the world-renowned Heart Research Follow-up Program at the University of
Rochester. The company's technology provides more rigorous characterization
of the cardiac safety profiles of in-development and on-market drugs. This
allows iCardiac's customers to both accelerate drug development as well as
bring compounds forward in clinical trials with more confidence about their
cardiac safety. Additionally, the company's core technology has
applications in ECG-based cardiac diagnostics and medical devices. For more
information on iCardiac Technologies, visit http://www.icardiac.com .
About Advantage Capital Partners
Advantage Capital is a private equity and venture capital firm focused
on investing in promising companies across a variety of industry sectors,
including healthcare, life sciences and software solutions. With offices
and partners in New York, New Orleans, St. Louis, Austin and other major
cities, Advantage has raised more than $750 million in institutional
venture capital since 1992. For more information, visit:
http://www.advantagecap.com .
About Stonehenge Capital Company, LLC
Stonehenge Capital Company, LLC is a nationwide specialty finance firm
with expertise in venture capital, mezzanine, private equity, tax credit
and structured finance transactions. Stonehenge manages approximately $500
million in investment funds through its offices in New York, Alabama,
Colorado, Florida, Louisiana, Missouri, Ohio, Texas, and Wisconsin.
Approximately $115 million of Stonehenge's funds exclusively target growth
opportunities in New York State based businesses.
For more information, visit: http://www.stonehengecapital.com .
| Associated Company |
| iCardiac Technologies, Inc. |
| Associated Office |
| New York |
