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Canaan Partners and Prism Venture Partners co-led the recent $11.5Mfinancing, with Baird Venture Partners, Affinity Capital Management, Johnsonand Johnson Development Corporation and SVB Capital Partners alsoparticipating as major investors.
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Brent Ahrens, General Partner from Canaan Partners stated, "Speaking formy colleagues involved in the CoAxia investment, we are pleased with theprogress made by the team at CoAxia, and believe that the NeuroFlo technologyhas the potential to be widely applied in ischemic stroke -- with majorbenefit to stroke patients."
Andrew M. Weiss, President and CEO commented, "We are grateful for thesupport from our current investors, who, with the conclusion of this C Roundextension, have invested more than $30M in CoAxia and the NeuroFlo technology.Our objective for the coming 24 months is to finish enrollment in our SENTISpivotal trial, demonstrate the feasibility of NeuroFlo in several large strokepatient populations, and begin positioning CoAxia for futurecommercialization."
Enrollment in CoAxia's ongoing SENTIS clinical trial has now passed 125patients with participation from over 50 major stroke centers in North Americaand Europe. Analysis of interim safety data suggests that treatment withCoAxia's NeuroFlo(TM) catheter is well tolerated with a very low rate of thecomplications normally associated with stroke patients. In addition, the FDAhas recently approved an expansion in the scope of the trial to now treatpatients up to 14 hours after symptom onset.
Investigator Gary L. Bernardini, Director of the Stroke Service at AlbanyMedical Center who has enrolled a number of patients in the trial says, "Wecontinue to be encouraged by the safety profile of the treatment and lookforward to the completion of the pivotal trial as well as applying thistechnology to additional populations in future studies."
In addition to the SENTIS trial, CoAxia continues to enroll within twoadditional feasibility studies, one which applies NeuroFlo treatment to strokepatients up to 24 hours after symptom onset and another which adds NeuroFlotreatment to the current standard of care -- intravenous delivery of thethrombolytic drug, t-PA.
CoAxia, Inc. is a venture-backed, privately held, development-stagecompany focused on providing perfusion augmentation therapies that improveoutcomes for patients with cerebral ischemia resulting from stroke, vasospasmand other conditions.
SOURCE CoAxia, Inc.
