AVIDAL Vascular GmbH Closes Seed Financing
March 12, 2009
AVIDAL Vascular GmbH, a medical device company which is focused on the development and commercialization of drug eluting balloons (DEB) today announced the closing of the seed financing round. The round was led by the High-Tech Gründerfonds (HTGF), Bonn.
AVIDAL is developing a DEB technology for the intraluminal drug application in coronary arteries and peripheral vessels to treat In-Stent-Restenosis (ISR), bifurcations, small vessels, and long lesions.
Torsten Heilmann, founder and CEO explained: “unlike conventional coated DEB the unique AVIDAL Drug Covers can be optimized for various substances and applications. Due to its special surface modification drug application with the AVIDAL DEB will be more homogeneous and efficient than with other DEB’s, whereas at the same time the drug is perfectly protected to minimize the wash-off effect into the bloodstream.”
Prof. Dr. Hans-Reiner Figulla, University Hospital Jena, Director of the Department for Internal Medicine, comments on the innovation: “Drug Eluting Balloons offer great advantages for local drug application and mark a milestone for interventional cardiology/radiology. AVIDAL’s Drug Eluting Balloon technology offers great advantages as compared to other balloon technologies and holds the potential to become a promising alternative therapy for the treatment of restenosis without the disadvantages of stents.”
“We were convinced by the high competence of the founders team as well as the innovative technology. AVIDAL’s products have the potential to soon enter into attractive markets”, said Klaus Lehmann, High-Tech Gründerfonds Senior Investment Manger.
AVIDAL’s founders team has many years of professional experience in which they have already successfully developed, launched, and marketed a wide range of products. The founders team was extensively advised on the transaction by Hennig Consulting. Ralf Hennig, who calls on many years of experience in establishing, expanding and funding technology ventures, particularly in the life science field, will provide his support also during the next years as a coach and external CFO.
AVIDAL obtains seed financing from the HTGF and has already commitments of further investors, who assure the funding up to CE-approval.
About AVIDAL Vascular GmbH:
AVIDAL has designed a specialized platform for drug application (drug covers), which allows for the controlled release of different and even multiple substances. Based on this platform, AVIDAL is developing the most efficacious and safest Drug Eluting Balloon for the treatment of coronary and peripheral artery disease. In doing so, AVIDAL makes a substantial contribution to improve the therapeutical options for more than 4 Million patients per year who undergo interventional treatment of coronary or peripheral artery disease.
About Hennig Consulting
Hennig Consulting is maintaining an extensive network and facilitates access to reputable investors. Ralf Henning, who worked in the company management of Early Stage VC Funds for many years, advises founders already in the early stage on the optimization of the business concept and in all corporate and strategic issues. By request, Ralf Henning also provides external operational services (e.g. external CFO) for ventures as well as for investors. Asset allocation and acquisition of internal and external finance are part of Hennig Consulting’s service portfolio as well as the coaching of M&A projects. Hennig Consulting is located in the Berlin area and operates nationwide
About High-Tech Gründerfonds
High-Tech Gründerfonds invests venture capital in young, high-opportunity technology companies implementing promising research results in an entrepreneurial manner. The start-up companies are planned to lead their R&D projects to the production of a prototype or a “proof of concepts” or market launch by means of seed financing of up to 500k EUR. High-Tech Gründerfonds has a fund volume of around 272m EUR. Investors of the public-private partnership are the Federal Ministry for Economics and Technology, the KfW bank group as well as the six industrial groups BASF, Deutsche Telekom, Siemens, Robert Bosch, Daimler and Carl Zeiss.
High-Tech Gründerfonds Management GmbH
53175 Bonn – Germany
Phone: +49 228 96568500
Fax: +49 228 96568550