SANTA CLARA, Calif., July 14, 2020 (GLOBE NEWSWIRE) -- Cardiva Medical, Inc, an innovator in the field of vascular closure, today announced the completion of a $45 million equity financing round. The equity round included new investor EW Healthcare Partners in addition to Cardiva Medical’s existing major investors, including affiliates of Luther King Capital Management, PTV Healthcare Capital, and Evidity Health Capital, formerly Canepa Healthcare. The company also announced that Robert S. White, Operating Partner at EW Healthcare Partners, has joined its Board of Directors.
Proceeds of the financing will be used to support the continued commercial expansion of Cardiva Medical’s VASCADE® and VASCADE® MVP Vascular Closure Systems and to fund other clinical and operational initiatives.
“This financing further validates our mission to transform vascular closure for the millions of patients undergoing catheter-based electrophysiology and cardiovascular procedures – and enables us to deploy additional capital to further our growth,” said John Russell, President and CEO of Cardiva Medical. “We are also excited to welcome Bob, a leader in the medical device industry, to our Board of Directors and thank each of our existing investors for their continued support.”
“We believe in Cardiva’s vision and in the ability of the VASCADE technology platform to address the key clinical and economic challenges related to the millions of procedures performed each year that require vascular access site closure,” said Robert “Bob” White, Operating Partner at EW Healthcare Partners. “I look forward to working with the team at Cardiva to expand access to VASCADE technology and to accelerate the Company’s growth.”
Mr. White joined EW Healthcare in May 2019 as an Operating Partner. He has nearly 30 years of experience leading early stage companies and business units of Fortune 500 companies within the medical technology sector. Bob most recently served as President and Chief Executive Officer of Entellus Medical, Inc. which was acquired by Stryker in February 2018. Previously, Bob was the President and Chief Executive Officer of TYRX, Inc. which was sold to Medtronic in 2014. Prior to joining TYRX, Bob held several executive positions with Medtronic including serving as President of Physio Control, Vice President of Commercial Operations of the Cardiac Rhythm Disease Management business, and President of Kyphon. Mr. White currently serves as a Director on the Board of Atricure Inc. (NASDAQ: ATRC).
About Cardiva Medical, Inc.
Cardiva Medical, Inc. is a privately held medical device company focused on transforming vascular closure for the benefit of patients, hospitals and physicians in the over 5.5 million catheter-based coronary, peripheral and electrophysiology procedures in the United States that require access site closure each year.
The Company’s VASCADE® vascular closure system has been PMA-approved by the FDA since 2013 and is indicated for vessel closure following 5-7F arterial and venous procedures. VASCADE® is the only marketed closure system to demonstrate a statistically significant reduction in access site complications compared to the existing standard of care in a prospective, randomized, controlled clinical trial called RESPECT.
The latest product in the Company’s portfolio is VASCADE® MVP Venous Vascular Closure System, the only marketed vessel closure technology designed specifically for Electrophysiology procedures – and clinically proven by Electrophysiology physicians in a multi-center, randomized, controlled clinical trial called AMBULATE. VASCADE® MVP received PMA approval in late 2018.
Cardiva has won numerous recent awards for clinical, commercial and operational excellence – including the Shingo Bronze Medallion. The Company is headquartered in Santa Clara, California.
For further information, visit our website at www.cardivamedical.com. VASCADE® and Cardiva Catalyst® are registered trademarks of Cardiva Medical®, Inc.
About EW Healthcare Partners
With close to $4 billion raised since inception, EW Healthcare Partners is one of the largest and oldest private healthcare investment firms and seeks to make growth equity investments in fast growing commercial-stage healthcare companies in the pharmaceutical, medical device, diagnostics, and technology-enabled services sectors in the United States and in Europe. Since its founding in 1985, EW Healthcare Partners has maintained its singular commitment to the healthcare industry and has been a long-term investor in over 150 healthcare companies, ranging across sectors, stages and geographies. The team is comprised of over 20 senior investment professionals with offices in Palo Alto, Houston, New York, and London. For more information, visit www.ewhealthcare.com.
Gilmartin Group LLC
Chief Financial Officer
Cardiva Medical, Inc.