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In addition to Channel Medical Partners, other investors include LincolnFunds International and existing investors Canadian Medical Discoveries Fundand Morningside Technology Ventures Limited. In conjunction with thisfinancing, W. Gregory Shearer, Founder and Principal of Channel MedicalPartners, will join the ViOptix Board of Directors. Merriman Curhan & Fordserved as financial advisors to ViOptix.
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"I am pleased by the interest in ViOptix and thank our new investors, aswell as current shareholders for their on-going support," said Larry C. HeatonII, President, Chief Executive Officer and Chairman of ViOptix. "ViOptix hasmade significant progress during the past year in commercializing its productsfor reconstructive microsurgery. I look forward to working closely with ourinvestor group as we collaborate to build a strong business in tissueoximetry."
Proceeds from the financing will be used to develop and launch additionalclinical applications from the core platform technology and expand theCompany's presence in the microsurgery market. Funding will also support theCompany's clinical trials program, in-licensing activities and internationalexpansion.
"ViOptix' use of near infrared technology and proprietary algorithms tomeasure oxygen saturation in local tissue gives the clinician the opportunityto avert serious adverse clinical outcomes before symptoms are detectable byany other means," said Dr. Gerald Chan, Managing Director of MorningsideTechnology Advisory, LLC. Morningside is a founding and leading investor inViOptix.
"ViOptix is positioned well for growth with its platform technology whichlends itself to the development of numerous products with multiple pathwaysfor commercialization. We look forward to working with the Company at thisexciting time," commented Gregory Shearer, Principal and Founder of ChannelMedical Partners.
Dr. Michael Cross, Senior Vice President for Jove Investment Management, amajor investor in ViOptix Inc. through its Canadian Medical Discoveries Fund,remarked, "Tissue oximetry technology has broad applications in healthcare,but we are still in the early stages of applying the technology to the manypotential clinical indications. ViOptix is well along its way to commercialsuccess with its initial application of tissue oximetry technology forreconstructive microsurgery, and has many additional opportunities for newclinical applications to bring to market."
About ViOptix Inc.
ViOptix Inc. develops, manufactures and markets innovative proprietaryproducts for tissue oximetry, measuring oxygen saturation levels in tissues.The Company's products and products under development consist of near infraredgenerators and single-use disposable sensor devices. Its first product, theODISsey System, received U.S. Food and Drug Administration clearance inJanuary 2005 for the measurement of localized tissue oxygenation levels forcritical care applications. For more information on the Company or itsproducts, visit the Company's website at http://www.vioptix.com.
About Canadian Medical Discoveries Funds
The Canadian Medical Discoveries Funds (CMDF) is a labour-sponsoredventure capital investment fund (LSIF). Established in 1994, CMDF is Canada'smost mature health sciences LSIF specifically targeting biotechnology,pharmaceuticals, diagnostics, medical devices and imaging products and otherspecial life sciences opportunities. Together the funds have approximately$200 million in managed assets
