IDev Technologies, Inc. Closes $19 Million Financing

IDev Technologies, Inc., an emerging leader in the development and marketing of minimally invasive stent systems for the treatment of peripheral vascular and non-vascular diseases, recently announced that it has closed a $19 million Series B round of financing. Three new investors joined the financing: Rivervest Venture Partners, Bay City Capital and Heron Capital. Additionally, existing investors including PTV Sciences, members of the senior management team and advisors to the company also participated. Dennis Wahr, MD from Rivervest and Jeanne Cunicelli from Bay City Capital have been appointed to the IDev Board of Directors.

Thomas M. Tully, Chairman and CEO, commented, “We are very pleased to have completed this financing with the addition of Rivervest, Bay City Capital and Heron as new investors. This additional capital will allow us to aggressively execute on our commercialization and clinical trial plans for the SUPERA™ stent in the US and Europe beginning in early 2007.”

SUPERA™ represents an advance over traditional laser cut nitinol tube stents in offering more than significantly greater radial strength than the next strongest offering. The increase in radial strength is due to the product’s novel interwoven nitinol wire design. Unlike traditional laser cut nitinol tube stents, the interwoven nitinol wire design allows for enhanced product strength without compromising product flexibility. SUPERA™ has been tested and proven to withstand over 10,000,000 cycles of repeated bending and flexing to 120 degrees without fracture in an engineering bench fatigue study. The combined benefits of enhanced radial strength and flexibility are expected to improve product durability for patients by reducing the incidence of stent kinking, crushing and fracturing. Additionally, the unique delivery system allows for precise placement and repositionability prior to deployment. The stent has been 510(k) approved by the FDA for relief of biliary strictures and CE Mark approved for both peripheral vascular and non-vascular applications.

For more information, please visit: www.idevmd.com