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Friday, August 21, 2009
The Pitch
Angiologix needs backing to be first cardio disease detector
By Mass High Tech staff
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Angiologix Inc.
Location: Mountain View, Calif.
New England connection: Funded by Gen3 Partners LP of Boston
Founded: 2007
Employees: 10
Web: www.angiologix.com
Phone: 408-761-0884
The Pitch: Angiologix is is seeking $1.5 million in a Series B round to move its device toward FDA approval.
Pitching the technology
Angiologix Inc. is a medical diagnostic device company whose products diagnose the first sign of cardiovascular disease — endothelial dysfunction. Angiologix says it has developed a diagnostic system that detects cardiovascular disease earlier than any other existing test. The diagnostic system has a cuff, which is placed on the patient’s arm, a hardware box and software with algorithms to detect the earliest sign of cardiovascular disease.
Pitching the people
Who is on the team? The company was founded by chief scientific officer and director Alexander Parfenov, formerly with the Research Institute of Physico-Chemical Medicine in Moscow; CEO Maria Merchant, former clinical researcher at the Massachusetts General Hospital and Harvard Medical School; and chairman Jim Sims, chairman and founder of GEN3 Partners LP.
Pitching the business
How will you make money? Market size being pursued? The company will capitalize on the rapidly growing market for cardiovascular diagnostic products. Angiologix is pursuing a licensing strategy and will make money by licensing its technology and collecting royalties and milestone payments. The company estimates that the royalties from licensing its technology will exceed $100 million.
How much money is being sought? The company is seeking $1.5 million in a Series B round. Gen3 Capital invested $1 million in July 2008 and has committed $500,000 to this round of financing. The A round of funding was used to develop and build the first product, to conduct two pilot clinical trials and to pursue licensing agreements. Angiologix is now raising money to get though a U.S. Food and Drug Administration approval.
Partnerships, collaborations or affiliations: The company says it has gained a lot of traction with a large medical device manufacturer in Japan. In February, the partner sponsored a clinical trial of its system in Tokyo.
Is the company profitable? Current annual revenue: The first revenue is expected by the end of 2009 from a milestone payment under a licensing agreement with the Japanese partner.
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