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Essex in the News
Confluent Surgical, Inc. Raises $20 Million in Series-C financing
Waltham, MA, June 25, 2002 --
Confluent Surgical, Inc., today announced that it has completed a $20
million Series C round of venture funding, led by Essex Woodlands Health
Ventures. Other venture investors participating in this financing
include: Cross Atlantic Partners, General Electric Capital Corporation,
HLM Ventures Partners, and Merlin Biomed Private Equity Fund. Existing
investors, Schroder Ventures Life Sciences, Spray Venture Partners, and
TVM Techno Venture Management also participated in this financing.
"It is very satisfying for the company to have completed this round of
financing given the challenges of today's private and public equity
markets. The confidence that our investors have placed in us is a
testimony to the pioneering technology at Confluent and the rapid
progress made by our team," stated Amar Sawhney, Ph.D., President and
CEO of Confluent Surgical, Inc. "This funding will support the
completion of the SprayGel™ Adhesion Barrier U.S. trial and extend
Confluent's product portfolio from adhesion barriers to surgical
sealants for neuro, spine, and cardiovascular surgery."
The SprayGel Adhesion Barrier U.S. trial, known as the PREVAIL Study
(Prevention of Pelvic Adhesions in Laparoscopic Surgery), initiated
enrollment on June 17, 2002.
Martin Sutter from Essex Woodlands Health Ventures, who will be joining
Confluent's Board of Directors commented, "We are very excited about
investing in Confluent Surgical, including the potential for SprayGel,
as the first local laparoscopic adhesion barrier to reach the U.S.
market, estimated to be over $500 million." Additionally, Confluent has
a rich portfolio of surgical sealant products that we believe has the
potential of leading this emerging product category."
Essex Woodlands Health Ventures is one of the United States' premiere
venture capital firms focusing exclusively on the healthcare industry.
Essex Woodlands manages over $500MM, through five limited partnerships.
About Confluent Surgical
Confluent Surgical, Inc. is a privately held biosurgery company
developing products based on in-situ polymerized hydrogel polymers and
associated delivery systems. Confluent is developing products to address
the need for post-surgical adhesion prevention and surgical sealing
applications.
The SprayGel Adhesion Barrier System received CE mark approval in
November, 2001, and has been introduced in major European markets and
Australia. Based on European and U.S. clinical pilot studies, the
patented and proprietary synthetic material has been shown to
significantly reduce adhesion formation following abdominopelvic
surgery. The SprayGel Adhesion Barrier is currently undergoing a
multi-center clinical trial in the U.S. and is not commercially
available for sale in the U.S.
Confluent's flagship surgical sealant product, Xpress™ Dural Sealant, is
undergoing a clinical trial in Europe for cranial and spine surgery
applications.
For additional information, please contact Roberta Sawyer at
rsawyer@confluentsurgical.com
or visit the Confluent Surgical website at
www.confluentsurgical.com.
Contact: Roberta Sawyer
Confluent Surgical, Inc.
Phone - 781.693.2360
FAX - 781.693.2331
E-mail -
rsawyer@confluentsurgical.com
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