Minnow Raises $4.7M Under New CEO

10/21/10Follow @bvbigelow

Minnow Medical, which we profiled just over a year ago, has raised a total of $4.7 million through two separate financings, according to a statement yesterday. The lead investor in both transactions was Neomed Management of Switzerland, according to Minnow, which has a new CEO, Raymond W. Cohen, who has replaced founding CEO Tom Steinke. Minnow also has moved its headquarters from San Diego to Laguna Hills, CA, in Orange County.

Former Domain Associates partner Olav Bergheim, Minnow’s board chairman, Christopher Weil & Co., and several private investors also participated in the financings. Minnow plans to use the proceeds to pay off its bank debt, for working capital, and to fund European clinical trials of its ZCath System, the proprietary angioplasty balloon catheter combined with controlled radiofrequency energy. The design is intended to prevent restenosis, a recurrence of the narrowing of a blood vessel, in peripheral vascular stents.

Bruce V. Bigelow is the editor of Xconomy San Diego. You can e-mail him at bbigelow@xconomy.com or call (619) 669-8788 Follow @bvbigelow

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