Surgery, radiology  

EKOS to expand ultrasound catheter production with $18 million finance deal

18 February 2005

New York. Funds advised by NGN Capital participated in the financing of a syndicate, along with MedVentures, Morgan Stanley, and EGS Capital in an $18 million Series B financing of EKOS Corporation, located in Bothell, Washington. EKOS is focused on developing and commercializing novel high technology ultrasound-enhanced micro-catheters for dissolving blood clots in the brain or in the peripheral arteries in the legs.

EKOS holds 25 key patents covering the pioneering use of low energy
ultrasound catheters to dissolve blood clots in the brain and legs. This
advanced minimally invasive technology significantly improves the speed and efficacy of traditional micro-catheters, thereby allowing neurosurgeons, interventional neuroradiologists, interventional radiologists, and vascular surgeons to more quickly and confidently dissolve blood clots. Early clinical data shows that EKOS catheters are capable of opening arteries more often than traditional techniques that are only 50% efficacious.

EKOS catheters are already FDA cleared for peripheral use, where the
company is engaged in a series of limited clinical trials in order to further validate the value of its technology. Simultaneously, clinical trials are also underway to further prove the utility in stroke patients.

"I am very gratified to have completed this financing round on a timely basis, aided by the efforts of NGN Capital, MedVentures, Morgan Stanley, and EGS Capital. The financing proceeds will be used to provide growth capital for EKOS to expand its marketing and production infrastructure. During the next 18 months, the company expects to double its staff, from 50 to 100 employees," explained
Peter Rule, Chairman of EKOS.

Peter Rule, formerly President, CEO, and Chairman of Percusurge, Inc.,
serves as Chairman and interim CEO of EKOS. Doug Hansmann, co-founder, is the General Manager. The strong pipeline of products will be advanced by a seasoned management team of leading experts in the field of micro-catheters.

Kenneth S. Abramowitz, Managing General Partner, represented NGN  Capital as the lead partner in this investment and will hold a board seat. "I am very excited to join the Board of EKOS and look forward to helping guide the company's successful entry into the marketplace."


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