SOURCE: Simbionix USA Corporation

February 01, 2007 13:16 ET

Simbionix Concludes a $3 Million Equity Round to Finance Revolutionary Products

CLEVELAND, OH -- (MARKET WIRE) -- February 1, 2007 -- Simbionix concluded a $3 million equity round of financing. The round was led by Early Stage Partners of Cleveland and included a significant participation by Simbionix' domestic manufacturing partner, Astro Manufacturing & Design of Eastlake, Ohio.

Simbionix is utilizing the proceeds of this equity financing to continue its aggressive growth strategy and to pursue the company's revolutionary pre-operative cardiovascular simulator, the Pre-Op Mentor, providing Simbionix an initial foothold in the lucrative medical imaging market.

Gary Zamler, Simbionix CEO, said: "This $3 million round is a strong vote of confidence from our stockholders and our manufacturing partner. I believe that our aggressive growth strategy will show quantifiable results already in 2007."

John Powers, Chief Operating Officer of Astro, stated, "Our company has been very impressed with the Simbionix team and its product offering. Astro is now pleased to be a partner both operationally and financially. The new Pre-Op Mentor Simulator shows significant promise to allow surgeons an ability to simulate a procedure on a patient's actual anatomy prior to completing the procedure leading to better patient outcomes and savings to the industry."

Simbionix is the industry leader in the development of innovative and effective medical simulation products used for clinical education and training of medical professionals. Simbionix products are designed to accelerate best-practice medical training, advance clinical performance and improve patient safety. The company is committed to continuously innovating and broadening its product offerings with a wide range of training modules, case studies and scenarios, developed in response to the growing importance of clinical training and education as a means of achieving improved patient care.

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