SOURCE: Advanced Catheter Therapies

Advanced Catheter Therapies

June 05, 2013 08:11 ET

Advanced Catheter Therapies Seeking $3 Million Series B Equity Financing

CHATTANOOGA, TN--(Marketwired - Jun 5, 2013) - Advanced Catheter Therapies, Inc. (ACT) (www.acatheter.com) announced today that it is in the process of raising $3 million in Series B preferred equity financing. ACT is a research and development medical device company with a portfolio of innovative catheter technologies initially targeting vascular disease and restenosis.

In 2011, ACT raised a total of $2.98 million in Series A equity financing through an investment consortium in Chattanooga, TN. The company has already raised a portion of the total amount sought for Series B. The funds will be used for further development of medical devices in ACT's product pipeline with a focus on moving the patented Occlusion Perfusion Catheter™ (OPC), an intravascular agent delivery device, to sale or out-licensing. ACT has filed for 510(k) approval from the FDA for the OPC.

"We are making great strides at ACT," said Paul J. Fitzpatrick, CEO of ACT. "We have a product for the research market which is currently in use. The funding will accelerate progress with the commercialization of the OPC while also facilitating development of some of the other promising technologies in our pipeline."

In 2012, ACT contracted with Hatch Medical, L.L.C. (www.hatchmedical.com) to assist with finding a licensing or development partner for the OPC. "We believe the OPC represents a next generation platform technology with tremendous potential to disrupt the therapeutic agent delivery markets, including but not limited to drug coated/eluting stents and balloons," said Paul Gianneschi, Managing Principal and Founder of Hatch Medical.

The OPC is a multi‐lumen balloon catheter designed to temporarily occlude a specific region from blood flow to allow the local delivery of therapeutic agents to the peripheral and eventually the coronary vasculature. The OPC has the ability to create a localized treatment chamber for the delivery of various types of therapeutic agents to treat a variety of disease states and place the agent circumferentially into the vasculature of the treatment chamber.

The OPC is unique in its ability to measure pressure applied inside the treatment chamber and its inflow and outflow ports for chamber evacuation, filling and flushing. The OPC affords clinicians substantial procedural control along with the ability to select the treatment agent and volume along with preventing systemic release of the treatment agent.

About ACT
Advanced Catheter Therapies, a research and development medical device company, has a portfolio of innovative catheter technologies initially targeting vascular disease including thrombosis, inflammation, occlusions and restenosis. www.acatheter.com

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