CAESAREA, Israel–(BUSINESS WIRE)–June 30, 2003–
Company signs Agreement with Medtronic Inc. regarding distribution
of its Diverter(TM) flagship product in the CE-Mark Countries
Mindguard(TM), a privately-held leading developer of stroke-prevention medical devices, today announced that it has finalized a financing round with existing and new investors, in the amount of US $15 million.
The financing round included the following investors: Medtronic, Inc., Pitango Venture Capital, Tamir Fishman Ventures, Fantine Europe Fund, Ofer Brothers Hi-Tech, Eucalyptus Ventures, Gemini Venture Capital and The Fuller Foundation.
In addition to the above investment, Mindguard has also signed an agreement with Medtronic with respect to the distribution of Mindguard’s first product, the Diverter(TM) system, in Europe and other CE-Mark jurisdictions.
“Mindguard endeavors to address the unmet needs of embolic stroke prevention (accounting for most of the dismal cases with devastating clinical consequences),” said Dr. Ofer Yodfat, Founder and Chief Medical Officer at Mindguard. “The Diverter(TM) is intended to reroute harmful particles away from the brain into a non-hazardous territory, and its unique design enables particle diversion while maintaining undisturbed blood flow to the brain. The Diverter(TM) is an innovative attempt to prevent emboli originating from the heart and large vessels from reaching the brain.”
David Gal, Chairman of the Board of Directors at Mindguard, added: “The completion of this financing round and the distribution agreement with Medtronic are both important milestones in Mindguard’s short history. We expect that our strong cash position, coupled with strategic partnerships with our investors and Medtronic, will assist in the commercialization of our products and realization of the company’s innovative medical and technological vision.”
This press release contains forward-looking statements that are subject to risks and uncertainties. The company’s results may differ substantially from the projections and plans referred to herein due to a number of factors, including but not limited to risks associated with changing global economic and competitive conditions, technological and medical uncertainties, resulting in uncertainty in forecasting future results.
About Mindguard:
MindGuard Ltd. is an Israeli company focused on developing and marketing a portfolio of unique catheter and implant technologies to treat and prevent stroke, and other cardiovascular and cerebrovascular diseases. More information on MindGuard is available at www.mindguard.com, or e-mail to: [email protected].
About Medtronic:
Medtronic, Inc., headquartered in Minneapolis, is the world’s leading medical technology company, providing lifelong solutions for people with chronic disease. Its Internet address is www.medtronic.com. Medtronic Vascular is committed to being a world leader in the prevention, treatment, and cure of diseases throughout the vascular architecture. Medtronic Vascular is headquartered in Santa Rosa, Calif.
About Pitango Venture Capital:
Pitango Venture Capital, the leading venture capital firm in Israel, has been investing in technology entrepreneurs since 1993. With offices in Israel, Silicon Valley and London, Pitango currently manages several venture funds totaling over $700 million in committed capital invested in more than 85 companies including AudioCodes (NASDAQ: AUDC), Chromatis (acquired by Lucent), CardGuard (SWX New Market: CARDG), ITXC (NASDAQ: ITXC) and Radware (NASDAQ: RDWR). Pitango specializes in providing long-term support and value-added services to its portfolio companies, with a focus on seed to late-stage companies in communications, software and Internet infrastructure, semiconductors and LifeScience. More information about Pitango is available at: www.pitango.com.
About Tamir Fishman Ventures:
Tamir Fishman Ventures is committed to building next generation innovative Israeli and Israel-related technology companies through value-added partnerships. Tamir Fishman Ventures is focused on making primarily early stage investments, as well as selective seed and late stage investments, in companies operating in the Communications, Internet infrastructure and Software segments. Tamir Fishman Ventures is sponsored by Tamir Fishman & Co., Israel’s leading investment bank, and has formed strategic partnership with RBC Capital Markets, the corporate and investment banking division of the Royal Bank of Canada, the 7th largest bank in North America. Having founded and currently managing two venture capital funds — Eucalyptus Ventures and Tamir Fishman Ventures II, the Tamir Fishman group is one of Israel’s largest venture capital groups. For more information visit our website at www.tfventures.com.
About Ofer Brothers Hi-Tech:
Ofer Brothers Hi-Tech is a leading investor in technology-based Israeli-related companies, from pre-seed (via Naiot) through early-stage to publicly-traded, working in communications, software, medical devices, bio-technology and microelectronics. Benefiting and building on the vast experience of its parent company, the Ofer Brothers Group which is one of the largest groups in Israel with diversified worldwide activities such as Shipping Banking, Chemicals, Semiconductor and Energy.
About the Fantine Europe Funds:
Fantine Europe Funds are venture capital funds focusing on high-growth, technology companies, which operate or are about to operate in the European market and can benefit from the extensive business development network in Western Europe, developed by the Fantine Group ( www.fantinegroup.com ).
About Eucalyptus Ventures:
Eucalyptus Ventures, was founded by Tamir Fishman & Co., Aaron Mankovski, Bruce Crocker and H&Q (JPMorgan) in late 1997. Eucalyptus raised $55 million, began investing in the 3rd quarter of 1998, and became fully invested in the 1st quarter of 2000. Among Eucalyptus’s investments are Chromatis, Radware (RDWR), Viryanet (YRYA), Mysticom, CTI Squared and Xacct.
About Gemini Israel:
The Venture Capital Funds of Gemini Israel manages investments in a total scope of $350M in three different funds and is considered one of Israel’s most successful VCs. Gemini has so far invested in approximately 70 high-tech companies, with a special focus on seed investment in Israeli technology, including in Fabless Semiconductors, TeleComm, DataComm and Enterprise Software. Among Gemini’s successes are companies such as Precise, Jacada, Verisity, Commtouch, Ceragon and Oridion, traded on exchanges in the United States and Europe, as well as numerous companies sold in M&A transactions. Gemini was founded 10 years ago and it is has offices in Herzliya, Israel as well as in the Silicon Valley. For additional information, visit: www.gemini.co.il.
About The Fuller Foundation:
Founded in 1987, The Fuller Foundation provides estate planning services for high net worth individuals with multiple charitable interests and to manage trust and endowment assets for individuals and other not for profits. The Foundation is a 501(c)(3) nonprofit public benefit corporation organized under the laws of the state of California. Its mission is to aid and promote specific religious, charitable, educational and literary organizations.
