By Elaine Rigoli
Tampa, Fla., Aug. 8 - Orqis Medical Corp. said it secured a $10 million venture debt commitment from Lighthouse Capital Partners and will use this additional capital to accelerate the development of its Exeleras system, an implantable device for patients with mid-to late-stage chronic heart failure.
Orqis Medical said it plans its first human implant with the Exeleras system within the next 12 months. The system incorporates a pump, about the size of an implantable cardioverter defibrillator, which is placed in a minimally invasive manner.
"The promising preclinical data generated with the Exeleras system warranted that we find a way to accelerate its clinical development. We now have the ability to fast-track the Exeleras program to address the enormous unmet needs of congestive heart failure patients," Orqis president and chief executive officer Ken Charhut said in a news release.
Orqis is a clinical-stage medical device company based in Lake Forest, Calif.
Lighthouse Capital is a venture debt firm with investing offices in Menlo Park, Calif., and Cambridge, Mass.
| Issuer: | Orqis Medical Corp.
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| Issue: | Venture financing
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| Amount: | $10 million
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| Investors: | Lighthouse Capital Partners
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| Announcement date: | Aug. 8
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