SV Life Sciences and Third Rock Ventures Launch Transformative Medical Device Company Cibiem with $10 Million Series A
NEW YORK--(BUSINESS WIRE)--Oct 17, 2012--Cibiem, Inc. today announced the successful completion of a $10 million Series A round led by top-tier life sciences venture investors SV Life Sciences and Third Rock Ventures. The company is launching out of Coridea, a premier medical device incubator focused on innovation driven by new targets in the cardio-renal and cardio-pulmonary fields. Proceeds from the financing will be used to support development of Cibiem’s proprietary, minimally invasive, catheter-based approach focused on Carotid Body Modulation™ (CBM) for the treatment of sympathetic nervous system-mediated diseases such as hypertension, heart failure, diabetes and renal failure. The company already is testing its unique CBM physiological approach in first-in-man clinical trials.
“Our approach is to drive medical device innovation by looking through the lens of applied physiology – seeking to solve medical challenges by addressing the root cause of the disease,” said Howard R. Levin, M.D., co-founder of Coridea and co-founder and president of Cibiem. “Our modulation of the carotid body – a key chemosensor located at the fork of the carotid artery that helps regulate respiratory activity – is a breakthrough innovation based on extensive studies and a deep understanding of the interdependence of the body’s various systems. This approach could mean exciting new treatment possibilities for a broad range of diseases.” Cibiem co-founders Mark Gelfand and Dr. Levin are the proven team of innovators and entrepreneurs behind Coridea. Since its inception in 2003, Coridea has successfully launched six companies including CHF Solutions, Ardian and Respicardia (formerly, Cardiac Concepts). Notably, Ardian was acquired for $800 million by Medtronic in 2010 – marking one of the highest prices to-date for a medical device company still in the pre-commercialization stage. Ardian developed the Symplicity ® Catheter System, a catheter-based intervention for the treatment of hypertension that received the Cleveland Clinic’s No. 1 of 10 top Medical Innovation Awards last year.
Cibiem is led by Dr. Levin, Mr. Gelfand, chief technical officer; and their long-time collaborator and colleague Paul Alan Sobotka, M.D., F.A.C.P., F.A.C.C., who was also a member of the CHF Solutions, Respicardia and Ardian teams and will serve as Cibiem’s chief medical officer. The company is leveraging the extensive experience and proven track record of the Coridea team, including Mr. Gelfand’s engineering background, Dr. Levin’s training and experience as a cardiologist specializing in the care of patients with heart failure and Dr. Sobotka’s cardiology expertise in heart failure and hypertension and experience in the design and administration of effective clinical trials. This team has an established history of working together successfully to develop early-stage and novel medical device solutions.
Cibiem’s management team is joined by an experienced board of directors, including Jonathan Wyler, principal at SV Life Sciences, and Neil Exter, partner at Third Rock Ventures.
“Cibiem is led by a management team with an impressive track record in medical device innovation and the formation of successful companies,” said Mr. Wyler. “Based on this proven expertise, we see tremendous value and opportunity for the team to rapidly advance Cibiem’s unique catheter-based approach for the treatment of a broad range of sympathetic nervous system-mediated diseases.” TCT 2012 Presentation Dr. Paul Sobotka will discuss the physiological basis for Cibiem’s novel therapeutic approach as part of a broader presentation at the 24th Annual Transcatheter Cardiovascular Therapeutics (TCT) scientific symposium, sponsored by the Cardiovascular Research Foundation, being held in Miami October 22-26: Deep Dive: Hypertension and Renal Artery Denervation Wednesday, October 24, 5:52 p.m. ET Session V. Future Targets and Trials for Renal Sympathetic Denervation Beyond Renal Denervation About Cibiem Cibiem is a medical device company leveraging its proprietary, minimally invasive, catheter-based approach focused on Carotid Body Modulation™ (CBM) for the treatment of sympathetic nervous system-mediated diseases such as hypertension, heart failure, diabetes and renal failure. Based in New York City, the company was co-founded by Mark Gelfand and Howard R. Levin, M.D., the proven team of innovators and entrepreneurs behind Coridea, a technology incubator focused on medical device innovation driven by new targets in the cardio-renal and cardio-pulmonary fields. The company is backed by top-tier venture investors SV Life Sciences and Third Rock Ventures. For more information, please visit www.cibiem.com.
About Coridea Coridea is a premier medical device incubator that embraces a translational healthcare approach to develop unexpected device solutions for cardio/pulmonary/renal patients who have failed drug treatment. By applying a deep understanding of human physiology, co-founders Mark Gelfand and Howard R. Levin, M.D., look to bring real innovation, not just incremental improvements, to address medical challenges and unmet medical need. Coridea has successfully launched five cardio and renal-focused companies/devices in the past 10 years, including Ardian, which was acquired in one of the largest deals ever for a private, VC-backed company. Coridea is based in New York City. For more information, please visit www.coridea.com.
About SV Life Sciences SV Life Sciences is a leading international life sciences venture capital firm. SVLS affiliated funds have been investing in life sciences companies since the early 1980's and the firm closed its first dedicated life sciences fund in 1994. The SVLS team manages five private venture capital funds with approximately $2.0 billion of capital under management. The firm employs a diversified strategy within life sciences in order to selectively capitalize on an expanding opportunity in biotech, medical devices and health-care services. SVLS has offices in Boston, London and San Francisco. For more information, please visit www.svlsa.com.
About Third Rock Ventures Third Rock Ventures is a venture capital firm founded in 2007 with the mission to launch transformative life sciences companies. With more than $800 million and two funds under management, the firm is focused on working with passionate entrepreneurs to build exceptional companies working in areas of disruptive science that will make a difference in the lives of patients. The firm has assembled a team with deep expertise and a proven track record of building respected and successful life sciences companies. With decades of complementary, cross-functional operational and leadership experience, the Third Rock team actively engages with its portfolio companies to provide hands-on strategy and experience to successfully launch companies with the best vision, science, operations, people and culture. With offices in Boston, MA and San Francisco, CA, Third Rock is well positioned geographically to closely collaborate with its portfolio companies to achieve their goals. To learn more about Third Rock and its portfolio companies, please visit www.thirdrockventures.com.CONTACT: Pure Communications, Inc. for Cibiem, Inc.
Susan Heins, 864-286-9597 firstname.lastname@example.org KEYWORD: UNITED STATES NORTH AMERICA NEW YORK INDUSTRY KEYWORD: HEALTH BIOTECHNOLOGY CARDIOLOGY MEDICAL DEVICES SOURCE: Cibiem, Inc. Copyright Business Wire 2012 PUB: 10/17/2012 07:00 AM/DISC: 10/17/2012 07:00 AM http://www.businesswire.com/news/home/20121017005223/