SOURCE: Advanced Catheter Therapies

Advanced Catheter Therapies

October 31, 2011 21:41 ET

New Name Announced for Atlanta Catheter Therapies

'Advanced Catheter Therapies' Result of Move to Chattanooga

CHATTANOOGA,TN--(Marketwire - Oct 31, 2011) - Atlanta Catheter Therapies, Inc., (www.acatheter.com) which recently raised a total of $2.98 million in Series A equity financing through an investment consortium in Chattanooga, TN, is changing its name to Advanced Catheter Therapies, Inc. (ACT). The company is an early stage research and development medical device company with a portfolio of innovative catheter technologies targeting vascular disease including thrombosis, inflammation, occlusions and restenosis.

"ACT is thrilled to be a part of the vibrant Chattanooga healthcare community, and it seemed appropriate that our name reflect that we are no longer Atlanta-based," said Paul J. Fitzpatrick, CEO of ACT. "Additionally, we are truly focused on advancing the functionality and effectiveness of catheters used to address the problems of vascular disease."

ACT has initially focused its resources on the problem of restenosis and is developing the game-changing Occlusion Perfusion Catheter™ (OPC™). 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 coronary vasculature. Also in the development pipeline are devices to improve endovascular debulking procedures (the clearing of blocked blood vessels).

C. David Adair, MD, Chairman and Chief Scientific Officer of Glenveigh Medical, was a lead investor and instrumental in persuading ACT to relocate to Chattanooga. "We were very impressed with ACT's technology and approach, which we believe can lead to improved patient outcomes. ACT is a great addition to the Chattanooga medical device development community," Adair said.

ACT has relocated its headquarters from Atlanta to Chattanooga. The funding came from ACT I Investments, LLC, a group of Chattanooga-based investors; the Chattanooga Renaissance Fund, a for-profit angel capital fund started and funded by Chattanooga business leaders; the Maclellan Foundation and its affiliates; the Medical Device Development Group (MDDG); and company principals. Additionally, the company qualified for and received a non-recourse loan from Chattanooga's InnovateHere and received support from the Chattanooga Neighborhood Enterprise (CNE).

About ACT
Advanced Catheter Therapies, an early stage research and development medical device company, has a portfolio of innovative catheter technologies targeting vascular disease including thrombosis, inflammation, occlusions and restenosis. ACT was founded in 2008 by Dr. Rex Teeslink, M.D., an interventional radiologist, Dirk Hoyns, a medical device engineer, and the Medical Device Development Group (MDDG). Paul J. Fitzpatrick joined the team as CEO in January 2009 and Chattanooga resident Kevin Dye became vice president of finance and operations in 2010.

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