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

Ultracold atom waves may shed light on rogue ocean killers: Rice quantum experiments probe underlying physics of rogue ocean waves April 27th, 2017

Looking for the quantum frontier: Beyond classical computing without fault-tolerance? April 27th, 2017

Metal nanoparticles induced visible-light photocatalysis: Mechanisms, applications, ways of promoting catalytic activity and outlook April 27th, 2017

Arrowhead Pharmaceuticals to Webcast Fiscal 2017 Second Quarter Results April 27th, 2017

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

Forge Nano 2017: 1st Quarter Media Update April 20th, 2017

180 Degree Capital Corp. Announces the Start of Kevin Rendino as Chairman and Chief Executive Officer and Completion of its Transition to a Registered Closed-End Fund March 31st, 2017

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

Nanomedicine

Arrowhead Pharmaceuticals to Webcast Fiscal 2017 Second Quarter Results April 27th, 2017

New Product Nanoparticle preparation from Intertronics with new Thinky NP-100 Nano Pulveriser April 26th, 2017

Nanoparticle vaccine shows potential as immunotherapy to fight multiple cancer types April 24th, 2017

Arrowhead Presents ARC-520 and ARC-521 Clinical Data at The International Liver Congress(TM) April 20th, 2017

Announcements

Ultracold atom waves may shed light on rogue ocean killers: Rice quantum experiments probe underlying physics of rogue ocean waves April 27th, 2017

Looking for the quantum frontier: Beyond classical computing without fault-tolerance? April 27th, 2017

Metal nanoparticles induced visible-light photocatalysis: Mechanisms, applications, ways of promoting catalytic activity and outlook April 27th, 2017

Arrowhead Pharmaceuticals to Webcast Fiscal 2017 Second Quarter Results April 27th, 2017

Patents/IP/Tech Transfer/Licensing

Forge Nano 2017: 1st Quarter Media Update April 20th, 2017

Making Batteries From Waste Glass Bottles: UCR researchers are turning glass bottles into high performance lithium-ion batteries for electric vehicles and personal electronics April 19th, 2017

'Neuron-reading' nanowires could accelerate development of drugs for neurological diseases April 12th, 2017

Laser activated gold pyramids could deliver drugs, DNA into cells without harm: Microstructures create temporary pores in cells March 27th, 2017

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