CORMEDICS COMPLETES PRE-SUBMISSION FINANCING &
SIGNS DEVELOPMENT AGREEMENT WITH J&J UNIT
HOUSTON, September 19, 2011 – Cormedics Corp. has received new financing to support refinement of the company’s intrapericardial access device for its submission to the Food and Drug Administration, and has signed a development agreement with a Johnson & Johnson affiliate company, Biosense Webster.
The new investment, by Palo Alto medical technology investor Patrick Rivelli, is in addition to $750,000 in two previous awards from the Texas Emerging Technology Fund, bringing total investment in the start-up company to more than $1 million.
“Our development agreement with Biosense Webster will capitalize on Cormedics’ patented technologies for accessing the heart via the pericardial space to pursue a variety of emerging opportunities in epicardial access,” said James Meador, Cormedics’ Chief Executive Officer.
About Whole-Heart Therapeutics
The therapies potentially available with Cormedics’ novel technology range from emergency heart access, to improved access with electrophysiology and echocardiography devices, and delivery of medications to the heart. The company’s minimally-invasive instrument, the PeriPort, provides safe access to the pericardial space surrounding the heart to enable delivery of targeted heart disease treatment.
Cormedics’ intrapericardial products provide access to the entire epicardial surface of the heart for pericardial effusion, electrophysiology, and cardiac rhythm device therapies. Intrapericardial drug delivery may enable preferential targeting of the heart and coronary circulation with a minimum of systemic side effects. Cormedics has been issued five U.S. patents on intrapericardial therapies, including the PeriPort. The PeriPort is designed for intrapericardial delivery of cardiac rhythm management devices, cardiotherapeutic drugs, and removal of pericardial fluid (effusion).
Cormedics is a medical devices company focused on developing novel and disruptive technologies that selectively treat the entire heart with drug, cell, gene, and device therapies by introduction into the pericardial space. For more information, visit www.CormedicsCorp.com.
# # #