LSP announces acquisition of portfolio company FlowCardia, Inc.
Amsterdam and Boston, May 27, 2010 - LSP is pleased to announce that its portfolio company, FlowCardia, Inc., has been acquired by C.R. Bard, Inc. Bard is a worldwide leader in products that focus on disease state management in three key areas: vascular, urology and oncology.
FlowCardia, Inc. which is based in Sunnyvale, CA is a privately held US medical device company established in 2002 to design and manufacture a portfolio of endovascular recanalization products to treat chronic total occlusions (CTOs) in the peripheral and coronary arteries. LSP invested in the company in September 2007 as part of an international syndicate at a time when initial clinical validation of the technology had been accomplished but the market still had to be built. LSP's partner in Boston, Fouad Azzam, joined the supervisory board of the company on behalf of LSP.
Dr. Fouad Azzam, LSP Partner and Director of FlowCardia said, 'This high value sale was the result of FlowCardia's unique products, as well as superior execution of commercial programs by its management team. We congratulate FlowCardia's Chief Executive, Wick Goodspeed, and his entire team for achieving this outstanding result, they combined strong science and flawless execution to achieve this great result. LSP is proud to have been part of the FlowCardia story, whose products will provide significant benefits to both peripheral and coronary patients for the years to come. We wish the entire FlowCardia team continued success with Bard.'
About LSP (www.lspvc.com)
LSP (Life Sciences Partners) is a leading independent European investment firm, providing financing to private and public life-science companies. Since the late 1980s, LSP's management has invested in a large number of highly innovative enterprises, many of which have grown to become leaders of the global life-science industry. For example, LSP was a founding investor in Crucell, DNage, Qiagen, Rhein Biotech and Pharming. With over EUR 500 million under management and offices in Amsterdam, Munich and Boston, LSP is one of Europe's largest and most experienced specialist life-science investors.
For more information, please contact:
Dr. Fouad Azzam at + 617 452-1016 or via firstname.lastname@example.org.
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