Nanotechnology Now

Our NanoNews Digest Sponsors

Heifer International

Wikipedia Affiliate Button

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

Argon is not the 'dope' for metallic hydrogen March 24th, 2017

Promising results obtained with a new electrocatalyst that reduces the need for platinum: Researchers from Aalto University have succeeded in manufacturing electrocatalysts used for storing electric energy with one-hundredth of the amount of platinum that is usually needed March 24th, 2017

Leti Presents Advances in Propagation Modeling and Antenna Design for mmWave Spectrum: Paper Is One of 15 that Leti Presented at European Conference on Antennas and Propagation March 19-24 March 23rd, 2017

Rice U. refines filters for greener natural gas: New study defines best materials for carbon capture, methane selectivity March 23rd, 2017

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

Caught on camera -- chemical reactions 'filmed' at the single-molecule level March 22nd, 2017

Harris & Harris Group Issues Its Financial Statements as of December 31, 2016, Posts Its Annual Shareholder Letter, And Will Host a Conference Call for Shareholders on Friday, March 17, 2017 March 15th, 2017

TriboTEX Uses Nanotechnology to Improve the Efficiency of Old Vehicles March 13th, 2017

Harris & Harris Group Announces the Filing of Preliminary Proxy Materials Detailing Its Proposed Conversion From a BDC to a Registered Closed-End Fund January 24th, 2017

Nanomedicine

Nanobiotix: The Independent Data Monitoring Committee Recommends the Continuation of the Ongoing Phase II/III Trial of NBTXR3 in Soft Tissue Sarcoma March 23rd, 2017

Nanoparticle paves the way for new triple negative breast cancer drug March 20th, 2017

Block copolymer micellization as a protection strategy for DNA origami March 17th, 2017

Nanocages for gold particles: what is happening inside? March 16th, 2017

Announcements

Argon is not the 'dope' for metallic hydrogen March 24th, 2017

Promising results obtained with a new electrocatalyst that reduces the need for platinum: Researchers from Aalto University have succeeded in manufacturing electrocatalysts used for storing electric energy with one-hundredth of the amount of platinum that is usually needed March 24th, 2017

Rice U. refines filters for greener natural gas: New study defines best materials for carbon capture, methane selectivity March 23rd, 2017

Artificial photosynthesis steps into the light: Rice University lab turns transition metals into practical catalyst for solar, other applications March 23rd, 2017

Patents/IP/Tech Transfer/Licensing

Harris & Harris Group Issues Its Financial Statements as of December 31, 2016, Posts Its Annual Shareholder Letter, And Will Host a Conference Call for Shareholders on Friday, March 17, 2017 March 15th, 2017

Intertronics introduce new nanoparticle deagglomeration technology March 15th, 2017

Keystone Nano Announces The US FDA Has Awarded Orphan Drug Designation For Ceramides For The Treatment Of Liver Cancer November 8th, 2016

Leti to Tackle Tomorrow's Research Strategies with Stanford University’s SystemX Alliance: French R&D Center Is the First Research Institute to Join the Collaboration and Provides Bridges Between Academia and Industry, Leveraging Alliance’s Potential October 4th, 2016

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