Participated · Series B · Aug 2011

Vessix Vascular (formerly Minnow Medical) is a Laguna Hills, California–based developer of percutaneous radiofrequency balloon catheter technology. Its initial product, the ZCath System, holds a CE Mark for reducing plaque in peripheral leg arteries. Founded in 2003 and led by CEO Raymond W. Cohen, the company is focused on advancing its RF balloon catheter platform. Vessix established a European subsidiary in Paris to support planned European clinical studies and anticipated commercial launches. The company intends to use recent funding to accelerate product development and to conduct multi-center clinical trials to expand indications. It completed a $23M Series B to fund those efforts. Minnow Medical is a Laguna Hills, California-based developer of a platform technology employing radiofrequency thermoplasty to treat in-stent restenosis and other peripheral vascular conditions. Its core product is the ZCath™ System, a patented angioplasty balloon catheter that delivers controlled radiofrequency energy intended to reverse restenosis in peripheral vascular stents. The company closed two financing transactions totaling $4.7M — $3.2M in preferred stock and $1.5M in convertible notes that convert into preferred stock. Proceeds will be used to extinguish bank debt, provide working capital and finance a European clinical trial to further test the ZCath System. The financings were led by Neomed Management with participation from Minnow Board Chairman Olav Bergheim, Christopher Weil and Company, Inc. and other private investors. The company is advancing clinical validation of its technology while addressing near-term financing needs.