ArtVentive Medical Group, Inc., the developer and marketer of various medical devices, recently announced a $10,000,000.00 financing agreement. The first tranche is valued at $1,950,000 at $0.90 per share, with the rest of the financing being priced at no less than $0.90 per share. When drawn by the company, the pricing will coincide with the current market price.
The proceeds will be mainly targeted at the company’s clinical trials and regulatory approvals, before the commercialization in the European and North American continents, following Asia and Latin America.
CEO of ArtVentive Medical Group, Inc. Jim Graham stated, “This financing agreement is a pivotal point in the Company’s growth and paves the way for the timely execution of the targeted 2011 European commercialization of the EOS device. We are pleased with the compounding success that we have achieved and we look forward to the continued expansion of our EOS product line.”
ArtVentive Medical Group, Inc. offers Endoluminal Occlusion devices (EOS) for the health of women, peripheral and neurological vascular disorders, and interventional cardiology procedures. EOS is a catheter based self-expendable device, which serves as a temporary occlusion of body lumens, sometimes being a safer alternate to major surgery. There is a unaddressed and unmet necessity for the safe and reliable way to be able to seal body lumens and major blood vessels throughout the body. This was a main driving force for ArtVentive Medical Group, Inc. when creating such a device that minimized invasive therapeutic techniques in the medical world. Prior to January 2010, the company was formerly known as Uranium Plus Resource. The company was founded in 2007 and is headquartered in San Marcos, California.
Dr. Leon Rudakov, Ph.D and Dr. Phillipe Gailloud, MD are the founders of ArtVentive Medical Group, Inc. and bring together their talent in device design, development, and advanced knowledge of the clinical world. They began their journey at the prestigious John Hopkins University through research programs and have collaborated for over 5 years.
Get more information about ArtVentive Medical Group, Inc. at www.artventivemedical.com.