CardioFocus added $11 million to its coffers in a round of debt financing from Oxford Finance and Silicon Valley Bank as it commercializes its HeartLight endoscopic ablation system overseas and winds up enrollment in a pivotal U.S. trial.
CardioFocus CRO Renny Clark said the funds will help the company prepare for its submission to the FDA for the HeartLight device, which combines an endoscope and a laser ablation device, according to a press release.
"This financing will help us complete patient enrollment in our pivotal U.S. clinical trial, as well as continue to execute on our commercialization efforts in Europe, where we are seeing rapid adoption throughout leading medtech markets," Clark said in prepared remarks. "We appreciate the support from our lending partners Oxford Finance and Silicon Valley Bank during this exciting time, as we continue to accelerate sales growth abroad while preparing for an FDA submission in the U.S."
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CardioFocus beefed up its leadership team earlier this month to prepare for the launch of HeartLight, which won CE Mark approval in the European Union in July 2009. The Marlborough, Mass.-based company launched the U.S. pivotal trial in February 2012, a year after raising $14 million.
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Analysts’ ups and downs
- Allergan (NYSE:AGN): Lazard upgrades from “neutral” to “buy” rating, $115 price target.
- Amgen (NSDQ:AMGN): Goldman Sachs upgrades to “buy” from “neutral” rating, $130 price target, adds to “conviction buy” list.
- AtriCure (NSDQ:ATRC): Leerink Swann reiterates “outperform” rating, ~$10 price target.
- Becton Dickinson & Co. (NYSE:BDX): Barclays Equity Research reiterates “underweight/neutral’ rating, raises price target to $94 from $86.
- Boston Scientific (NYSE:BSX): Deutsche Bank reiterates “hold” rating, $7.90 price target.
- Cardiovascular Systems (NSDQ:CSII): Leerink Swann reiterates “outperform” rating, $20 price target .
- Covidien (NYSE:COV): Zacks reissues “neutral” rating, $65.00 price target.
- Cynosure (NSDQ:CYNO): Leerink Swann maintains “outperform” rating, ~$36 price target.
- Delcath (NSDQ:DCTH): Wedbush downgrades from “outperform” to “neutral” rating, lowers price target from $5 to $1.30.
- Dexcom Inc. (NSDQ:DXCM): Leerink Swann reiterates “market perform” rating, raises price target to $17 from $14.50.
- Globus Medical (NYSE:GMED): Leerink Swann reiterates “outperform” rating, raises price target to $19 from $18.
- Haemonetics (NYSE:HAE): Craig Hallum upgrades to “buy” rating.
- HeartWare International (NSDQ:HTWR): Sidoti raises from “neutral” to “buy” rating.
- Hospira (NYSE:HSP): Leerink Swann maintains "market perform" rating, raises price target to $32-33 from $31-32.
- Insulet (NSDQ:PODD): Raymond James downgrades from “outperform” to “market perform” rating.
- LeMaitre Vascular (NSDQ:LMAT): Zacks upgrades from “neutral” to “outperform” rating, $6.60 price target.
- Medtronic (NYSE:MDT): Leerink Swann maintains “outperform” rating, lowers price target to $25 from $30.
- NuVasive Inc. (NSDQ:NUVA): Leerink Swann maintains “market perform” rating, raises price target to $21 from $20.
- NxStage Medical (NSDQ:NXTM): Leerink Swann reiterates “outperform” rating, $14-$16 price target.
- Solta Medical (NSDQ:SLTM): Ascendiant Capital downgrades from “strong buy” to “buy” rating, lowers price target from $3.50 to $2.25; Leerink Swann maintains "outperform" rating, lowers price target to ~$3 from $4.10.
- Teleflex (NYSE:TFX): Barclays Capital lowers price target from $88 to $85; Leerink Swann maintains "market perform" rating, raises price target to ~$85 from $72.
- Thoratec (NSDQ:THOR): Leerink Swann maintains “outperform” rating, $43 price target.
- Volcano (NSDQ:VOLC): Leerink Swann maintains “outperform” rating, lowers price target to $25 from $30.
- Wright Medical (NSDQ:WMGI): Leerink Swann maintains “outperform” rating, $27 price target.
