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PRINCETON, N.J., and PARIS, June 25, 2009 - Stentys, a medical-technology company specialising in the design of new-generation stents (small metallic tubes used in the treatment of blocked coronary arteries), has announced the completion of a “Series B” financing round with the closing of an additional $4.2 million from Crédit Agricole Private Equity. The “B” round also included Sofinnova and Scottish Equity Partners, who made a joint contribution of $18 million during the B-series financing announced on March 19, 2008.
Stentys, based in Paris with U.S. operations in Princeton, N.J., was founded in 2006 by Corevalve founder Dr Jacques Seguin and Stentys CEO Gonzague Issenmann. The company has developed a new-generation stent, specially designed for use in the treatment of acute myocardial infarction and blocked coronary-artery bifurcations.
Treatment of acute myocardial infarction (commonly referred to as “heart attack”) accounts for almost half of stent implantations worldwide, a market of some $5 billion. However, existing stent technology, based on balloon deployment, does not ensure optimal contact with the artery walls, and clotting can occur within the stent itself. Stentys's “self-expanding” technology ensures optimal apposition in the critical initial hours and days after the procedure by being constantly applied to the vessel surface during thrombus and vessel spasm relief, therefore avoiding malapposition.
Since March 2008, Stentys has completed an initial clinical trial involving 40 patients, demonstrating that its stent can be implanted safely and easily. This second financing tranche of the Series “B” round will enable Stentys to obtain CE marking and begin European marketing of the first self-expanding stent for the treatment of myocardial infarction.
“The Stentys technology represents a significant improvement on conventional stent implantation procedures, ensuring perfect apposition on the vessel wall, and thereby enabling superior treatment. The clinical results obtained in 2008 were a key factor in our decision to support Stentys, as was the fact that the project is being developed in collaboration with qualified, internationally renowned scientific and financial experts. I am delighted to be joining the Stentys board and to have the opportunity to contribute to the growth of the company, which is targeting a market worth billions of euros,” said Alexia Perouse, Director in Crédit Agricole Private Equity's Venture Capital team.
“We're very proud to have Crédit Agricole Private Equity among our investors, and very happy to welcome Ms. Perouse to the board,” added Gonzague Issenmann.
Stentys meets the investment criteria for innovation investment funds or FCPIs (Fonds Communs de Placement dans l'Innovation), enabling investors to write off contributions to SME financing against French solidarity wealth tax (ISF) within certain limits. The current transaction forms part of Crédit Agricole Private Equity's strategy of helping finance the creation and development of innovative young companies.
Alexia Perouse, Director, Venture Capital, Crédit Agricole Private Equity
Emmanuelle Coutanceau, Associate, Venture Capital, Crédit Agricole Private Equity
Legal advisors to Crédit Agricole Private Equity: Olivier Edwards & Karen Noel, lawyers, Morgan Lewis
Legal advisors to Stentys: Morgan Hunault-Berret and Paul-Albert Legrand, Pinot de Villechenon & Associés
Financial advisors: Alain Lostis, General Partner, Aelios Finance