CytoPherx Named "Deal of the Year" by MVCA
Ann Arbor, MI--The Michigan Venture Capital Association named CytoPherx the "Deal of the Year" in Michigan for 2012 at its annual meeting this week. The company closed a $34 million early stage venture capital investment in January.
Accepting the award for CytoPherx, CEO Jim Danehy said, "in 2009, I gave a presentation at the annual Michigan Growth Capital Symposium. Afterwards, Mike Bunker of Early Stage Partners came up to talk with me, and 867 days later, we closed a deal."
The $34 million early stage capital investment had many complexities, including managing a large group of existing investors, fine-tuning the business plan to ensure that the capital raise was sufficient, and identifying and closing new investors. Mike Bunker was instrumental in getting the financing completed.
"I lost a year of my life getting the deal done, but it was worth it," Mike commented.
CytoPherx is based on a cytophoretic (filtering) technology developed by University of Michigan nephrologist David Humes, M.D. The technology removes a type of leukocyte from the bloodstream of patients with sepsis, an often fatal systemic infection that usually puts patients in the intensive care unit of a hospital. A pilot trial showed reduced mortality from the treatment; a larger pivotal trial is being conducted with the early stage capital that was raised by the company. Read more...
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ESP Managing Director Mike Bunker manages the CytoPherx investment