CardiOx Raises $8 Million Series C

Cardiox Raises $8 Million Series C

09/02/2011

Columbus, OH--CardiOx Corporation has completed a Series C financing of $8 million to complete the development and launch of the Company's first product for the minimally invasive detection of cardiac shunts, as well as ongoing clinical trials. The financing round was led by new investor Lifeline Ventures LLC, with participation from existing investors Early Stage Partners, Reservoir Venture Partners, and Glengary LLC.

"We are excited to be investors in CardiOx," commented Ranjit Kommineni, Managing Director of Lifeline Ventures. "Cardiac shunt detection is an important element in the current clinical pathway for stroke and transient ischemic attack patients. As clinical research continues to unfold, it is becoming increasingly apparent that there are many additional conditions for which it is important to know whether a shunt is present. CardiOx' minimally invasive approach provides a more patient friendly and economical method of quickly and reliably making this determination."

Cardiac shunts--a hole in the heart--are more common is generally understood. The most common form, patent foramen ovale (PFO), begins as a naturally occurring opening in the fetal heart that enables oxygen-rich blood from the mother's circulatory system to bypass the underdeveloped lungs of a fetus and flow directly into the fetal arterial system. The hole is supposed to close at birth when the baby's lungs take over the job of oxygenating the blood, but in 20-25% of people the hole stays open (though covered by a flap of tissue). Periodically, this hole can open, allowing blood from the venous system to bypass the lungs and return to arterial flow. One function of the lungs is to strain blood clots from venous blood and prevent them passing into the brain. When a PFO opens, clots from the venous system can bypass the lungs,mve through the open hole in the heart, and pass into the arteries that provide oxygenated blood to the brain. These clots can cause strokes. Read more...



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Mike Bunker serves on the board of CardiOx Corporation