EKOS to expand ultrasound catheter production with $18 million finance
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
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."