SANTA ROSA, Calif., Dec 17, 2003 (BUSINESS WIRE) -- Endomatrix Inc., developer of a patented Endothelial Dysfunction Therapy (EDT), today announced the closing of $3.5 million in Series C Preferred Shares financing. Cargill Ventures, a business unit of Cargill Incorporated, participated in the financing round, along with additional undisclosed investors. Cargill is a global leader in providing goods and services for food, health and nutrition.
The money from this round of funding will allow Endomatrix to globally launch Provasca, the first product based on its EDT platform, in 2004. In addition, the company will be able to fund further clinical studies to demonstrate the full value of its EDT in treating the root cause of cardiovascular disease.
"This infusion of capital is a critical step toward getting Provasca, and our Endothelial Dysfunction Therapy, into the hands of patients around the world," said Glenn Foley, CEO of Endomatrix. "I'm excited about the opportunity this funding presents to move our business ahead, and look forward to working with our investors as we continue to build our platform to treat a number of life-threatening disease-states."
Endomatrix is focused on treating the root cause of cardiovascular disease with its Endothelial Dysfunction Therapy (EDT), which combats inflammation of the arterial walls, or vascular endothelium. The company has already signed a manufacturing agreement with Capsugel, a division of Pfizer, to use its patented Licaps(R) capsules in the production of Provasca.
Investment banking firm Madison Keats, based in Charlotte, N.C., served as a financial advisor to Endomatrix during this round of fund raising, with David Teifer and David Bradin serving as the principals.
Endomatrix Inc. has developed a breakthrough platform for the treatment and prevention of endothelial-based disease states, focusing on the root cause of disease rather than the symptoms. Founded in 2000, Endomatrix is focused on delivering its platform to a global audience through both nutraceutical and pharmaceutical products. Endomatrix is based in Santa Rosa, Calif., and has an office in Barcelona, Spain.
About Cargill Ventures
Cargill Ventures invests in emerging technology companies that enable commerce, innovation and efficiencies and help Cargill be a global leader in providing goods and services for life, health and growth. Cargill Ventures maintains offices in San Mateo, Calif., and Minneapolis. It is a business unit of Cargill Incorporated, an international marketer, processor and distributor of agricultural, food, financial and industrial products and services with 98,000 employees in 61 countries. The company provides distinctive customer solutions in supply chain management, food applications and health and nutrition.