WEBSTER, Texas, Oct. 7 /PRNewswire/ — IDEV Technologies,
Incorporated (IDEV), an emerging leader in the development and
commercialization of minimally invasive medical technologies, today
announced that it has completed a $46 million Series D round of
financing, with Piper Jaffray & Co.’s Merchant Banking Fund
(PJC Capital LLC) and a leading strategic global healthcare company
as the two new investors. The financing also included strong
support and additional investment from existing venture capital
firms PTV Sciences, Bay City Capital, RiverVest Venture Partners
and Heron Capital.
The proceeds from the financing will be used to fund SUPERB, the
ongoing, multi-center IDE superficial femoral artery clinical trial
for the company’s self-expanding SUPERA® stent, new clinical
trials in support of other peripheral artery indications, the
development of new interventional products, and sales and marketing
initiatives to support continued revenue growth. IDEV
continues to achieve success from the recent European launch of its
SUPERA VERITAS™ Peripheral Vascular System, an easy to use,
reliable and precise stent delivery system developed to
deliver the SUPERA stent. In addition, the company is pleased
with the positive market reaction to the initial data released from
a European registry which yielded promising results in the
superficial femoral (SFA) and popliteal arteries. The company is
very encouraged by these preliminary data and believes it
demonstrates the durability of the innovative self-expanding SUPERA
stent.
Christopher M. Owens, President and CEO of IDEV, said, “We have
strong support from our existing investors and we are excited to be
working with our two new corporate partners, Piper Jaffray, a
leading international investment bank and institutional securities
firm with significant experience in the medical technology sector
and the additional new investor, a leading strategic global
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