Nanotechnology Now

Our NanoNews Digest Sponsors





Heifer International

Wikipedia Affiliate Button


android tablet pc

Home > Press > Paragon Intellectual Properties Restructures Company to Form Nexeon MedSystems, Inc.

Abstract:


Company Completes Equity Funding Round of $24 Million;

Restructuring Prepares Company for Product Commercialization

Paragon Intellectual Properties Restructures Company to Form Nexeon MedSystems, Inc.

CHARLESTON, WV and CARLSBAD, CA | Posted on October 7th, 2008

Paragon Intellectual Properties, LLC, today announced that it has restructured the company, moving from a limited liability company with seven subsidiaries to a single C-corporation to form Nexeon MedSystems, Inc. This restructuring was undertaken to prepare for pending clinical trials and commercialization of the company's lead technologies.

In addition, the company announced that it has completed a Series A equity funding round of $24 million with financing provided by SurModics, Inc. (Nasdaq: SRDX), Guidant Corporation (now Abbott Laboratories and Boston Scientific), and private investors.

Proceeds from the financing will be used to execute on development and clinical trial plans for the prohealing PROTEX™ Coronary Stent System. Additionally, Nexeon will use the funds to advance the development of its other lead technologies, including a family of innovative peripheral stents and nanotechnology-based medical devices.

"This show of support from investors reflects confidence in our team to execute on our core mission of improving lives through the development of breakthrough therapies for cardiovascular disease. It is also a testament to our strong intellectual property portfolio and our nimble approach to innovation," said Mark C. Bates, M.D., Nexeon MedSystems founder and CEO. "We are pleased with the tremendous progress the Paragon team has made since the company's inception. The same passion, resolve and commitment to innovation that led to the early success of Paragon will fuel the forward momentum of Nexeon MedSystems."

Separately, the company announced that it has initiated PROTEX I, a first-in-man trial designed to evaluate the safety of the PROTEX Coronary Stent System for the treatment of coronary artery disease.

Dr. Bates founded the company in 2004 to change how innovative ideas in the medical device industry move from concept to reality. Today Nexeon MedSystems has 25 employees working in conjunction with physicians, scientific advisors and business experts to advance Dr. Bates' founding medical device concepts into a diversified portfolio of products to benefit patients with cardiovascular disease and other medical conditions.

Key company milestones to date include:

* Expansion of the company's product portfolio from an initial list of six early-stage concepts to a broad portfolio of more than twenty products and technologies;

* Development of a world-class R&D infrastructure, including hiring a cross-functional R&D team and the opening of the company's Innovation Center in Carlsbad, Calif. in 2007;

* Forming corporate partnerships with SurModics, Inc. and Unidym, Inc. in the domains of coronary stenting and nanotechnology, respectively;

* Establishing the company's scientific advisory boards with active participation from leading physicians around the world;

* Acquisition of the Biflex bistable stent technology, the foundation of Nexeon's peripheral stent family;

* Development of a new type of coronary stent with a profile 20 percent lower than today's market-leading technology;

* Attainment of ISO 13485 quality system site certification to facilitate future commercialization in Europe and Canada;

* Initiation of a feasibility study of the company's prohealing PROTEX Coronary Stent System.

####

About Nexeon MedSystems
Nexeon MedSystems, Inc. is committed to saving and improving lives through the development of breakthrough therapies for cardiovascular disease. With proven medical device industry engineering talent, a strong intellectual property portfolio and the leadership of a veteran interventional cardiologist, Nexeon has created an extensive pipeline of products that promise to bring physician-led innovation to common clinical problems. Privately held, the company is based in Charleston, W. Va., with a research and development innovation center in Carlsbad, Calif.

For more information, please click here

Contacts:
for Nexeon MedSystems, Inc.
Nicole Osmer
650-454-0504

Copyright © Business Wire 2008

If you have a comment, please Contact us.

Issuers of news releases, not 7th Wave, Inc. or Nanotechnology Now, are solely responsible for the accuracy of the content.

Bookmark:
Delicious Digg Newsvine Google Yahoo Reddit Magnoliacom Furl Facebook

Related News Press

News and information

Iran to Hold 3rd Int'l Engineering Materials, Metallurgy Conference October 25th, 2014

Haydale Secures Exclusive Development and Supply Agreement with Tantec A/S: New reactors to be built and commissioned by Tantec A/S represent another step forward towards the commercialisation of graphene October 24th, 2014

QuantumWise guides the semiconductor industry towards the atomic scale October 24th, 2014

SUNY Polytechnic Institute Invites the Public to Attend its Popular Statewide 'NANOvember' Series of Outreach and Educational Events October 23rd, 2014

VC/Funding/Angel financing/Loans/Leases/Crowdfunding

TARA Biosystems and Harris & Harris Group Form Company to Improve Safety and Efficacy of New Therapies October 22nd, 2014

7th Nanotechnology Festival, Exhibition Kicks Off Work in Iran October 7th, 2014

Harris & Harris Group Letter to Shareholders on Website August 19th, 2014

Harris & Harris Group to Host Conference Call on Second-Quarter 2014 Financial Results on August 15, 2014 August 12th, 2014

Nanomedicine

NYU Researchers Break Nano Barrier to Engineer the First Protein Microfiber October 23rd, 2014

Iranian Scientists Apply Nanotechnology to Produce Surgery Suture October 23rd, 2014

RF Heating of Magnetic Nanoparticles Improves the Thawing of Cryopreserved Biomaterials October 23rd, 2014

Sopping up proteins with thermosponges: Researchers develop novel nanoparticle platform that proves effective in delivering protein-based drugs October 22nd, 2014

Announcements

Iran to Hold 3rd Int'l Engineering Materials, Metallurgy Conference October 25th, 2014

Haydale Secures Exclusive Development and Supply Agreement with Tantec A/S: New reactors to be built and commissioned by Tantec A/S represent another step forward towards the commercialisation of graphene October 24th, 2014

QuantumWise guides the semiconductor industry towards the atomic scale October 24th, 2014

Strengthening thin-film bonds with ultrafast data collection October 23rd, 2014

Patents/IP/Tech Transfer/Licensing

Researchers patent a nanofluid that improves heat conductivity October 22nd, 2014

Nanodevices for clinical diagnostic with potential for the international market: The development is based on optical principles and provides precision and allows saving vital time for the patient October 15th, 2014

Aculon Receives Patent for Application of Enhanced Bonding Layers on Titanium October 9th, 2014

harmaEngine will join Nanobiotix’ pivotal trial for NBTXR3 in Soft Tissue Sarcoma to accelerate its development in Asia-Pacific: PharmaEngine to make milestone payment to Nanobiotix in October 2014 to recognize the value created October 8th, 2014

NanoNews-Digest
The latest news from around the world, FREE





  Premium Products
NanoNews-Custom
Only the news you want to read!
 Learn More
NanoTech-Transfer
University Technology Transfer & Patents
 Learn More
NanoStrategies
Full-service, expert consulting
 Learn More














ASP
Nanotechnology Now Featured Books




NNN

The Hunger Project







© Copyright 1999-2014 7th Wave, Inc. All Rights Reserved PRIVACY POLICY :: CONTACT US :: STATS :: SITE MAP :: ADVERTISE