Nanotechnology Now

Our NanoNews Digest Sponsors





Heifer International

Wikipedia Affiliate Button


DHgate

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

Nanocatalysts improve processes for the petrochemical industry August 28th, 2015

CWRU researchers efficiently charge a lithium-ion battery with solar cell: Coupling with perovskite solar cell holds potential for cleaner cars and more August 27th, 2015

Successful boron-doping of graphene nanoribbon August 27th, 2015

Nanolab Technologies LEAPS Forward with High-Performance Analysis Services to the World: Nanolab Orders Advanced Local Electrode Atom Probe (LEAP®) Microscope from CAMECA Unit of AMETEK Materials Analysis Division August 27th, 2015

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

Nanostart AG: First-half figures 2015 published and new supervisory board elected : Publication of first-half figures 2015 - Shareholders' meeting elected new supervisory board August 22nd, 2015

Harris & Harris Group Portfolio Company, AgBiome, Secures $34.5 Million Series B Financing Led By Bill and Melinda Gates Foundation August 20th, 2015

Harris & Harris Group Reports Financial Statements as of June 30, 2015, and Announces a Stock Repurchase Program August 10th, 2015

Harris & Harris Group Portfolio Company, HZO, Announces Partnerships with Dell and Motorola August 1st, 2015

Nanomedicine

These microscopic fish are 3-D-printed to do more than swim: Researchers demonstrate a novel method to build microscopic robots with complex shapes and functionalities August 26th, 2015

Glitter from silver lights up Alzheimer's dark secrets August 25th, 2015

Cervical cancer detection goes portable August 25th, 2015

Louisiana Tech University researchers discover synthesis of a new nanomaterial: Interdisciplinary team creates biocomposite for first time using physiological conditions August 24th, 2015

Announcements

Nanocatalysts improve processes for the petrochemical industry August 28th, 2015

CWRU researchers efficiently charge a lithium-ion battery with solar cell: Coupling with perovskite solar cell holds potential for cleaner cars and more August 27th, 2015

Successful boron-doping of graphene nanoribbon August 27th, 2015

Nanolab Technologies LEAPS Forward with High-Performance Analysis Services to the World: Nanolab Orders Advanced Local Electrode Atom Probe (LEAP®) Microscope from CAMECA Unit of AMETEK Materials Analysis Division August 27th, 2015

Patents/IP/Tech Transfer/Licensing

Developing Component Scale Composites Using Nanocarbons August 26th, 2015

Industrial Nanotech, Inc. Provides Update On Hospital Project, PCAOB Audit, and New Heat Shield™ Line August 24th, 2015

Revolutionary MIT-Developed Nanotechnology Company Showcases at CAMX in Dallas August 20th, 2015

'Quantum dot' technology may help light the future August 19th, 2015

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







Car Brands
Buy website traffic