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Clear Catheter Systems Completes $600-Million Financing, Opens Cleveland Office

Thursday, July 24, 2008 General News
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BEND, Ore., and CLEVELAND, July 24 Clear Catheter Systems(www.clearcatheter.com), formerly PleuraFlow, an early stage medical devicecompany developing a proprietary medical catheter clearance platform, todayannounced the completion of a $600,000 financing round. The financing wasled by X Gen Ltd, a family venture fund based in Cleveland, Ohio. It alsoincludes a grant from the Cleveland Clinic Global Cardiovascular InnovationCenter (GCIC) initiative, which is backed by $60-million from the State ofOhio's Third Frontier Project, a program to promote technical innovation andcommercialization. BVC/CC, an angel group based in Bend, Oregon, alsoparticipated in the funding.
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The funding will help Clear Catheter Systems develop its lead tubeclearance product, the PleuraFlow System. The system will be used to preventobstruction of surgical drainage tubes inserted after heart, lung and traumasurgery. Such obstruction, or clogging, has long remained an unsolved problemin surgery, with important implications for both patient safety and comfort.
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"I've had patients say to me that the most memorable and painful part ofheart surgery was the day their drainage tubes were pulled out," says MarcGillinov, M.D., the Cleveland Clinic cardiothoracic surgeon who helped developthe PleuraFlow System. "We need to develop smaller tubes that drain the woundeffectively, but don't hurt as much." Gillinov serves as Chairman of CCS'sScientific Advisory Board and as a consultant to the company.

"We are pleased to be collaborating with the Cleveland Clinic to developand commercialize medical devices to improve outcomes after heart and othersurgeries," said Edward Boyle, M.D., Clear Catheter Systems' CEO. "ClearCatheter's innovative technology addresses a large unmet need for surgicalpatients, allowing surgeons to deliver care in a safer, more minimallyinvasive fashion."

The company is in the process of opening a Cleveland office to betterfacilitate its collaboration with the Cleveland Clinic, and to access otherresources available to the Ohio medical device community.

"Clear Catheter Systems is doing exciting work and we are pleased to beinvolved in the continued development of the PleuraFlow System," said MarkLow, GCIC Managing Director. "Cleveland Clinic and GCIC are committed toexpanding Ohio's economy, and we welcome this growing company to NortheastOhio."

About Clear Catheter Systems Inc.

Clear Catheter Systems, a development stage medical device company,founded in Bend, Oregon, is developing a proprietary medical tube clearanceplatform based on technology from the Cleveland Clinic and MDI Partners, aBend, Oregon incubator. Clear Catheter's ultimate goal is to develop its tubeclearance platform to help make surgery safer and more comfortable for heart,lung, trauma, and other patients.

SOURCE Clear Catheter Systems, Inc.
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