Proceeds to Fund Ongoing Development and Clinical Trials of New Heart Valve
and Implantation Technology
Irvine, CA August 22, 2005 Arbor Surgical Technologies, Inc. a privately
held medical device company, announced today the closing of a $20 million
dollar Series B financing. Baird Venture Partners led the investment with
Affinity Capital Management and Fisk Ventures joining the syndicate. Existing
investors Delphi Ventures, Alloy Ventures, Johnson & Johnson Development
Corporation, Three Arch Partners, Thomas J. Fogarty MD, Sapient Capital,
Kaiser Venture Capital, David Chonette, and Sage Venture Partners, also
participated in this round of financing. With the closing of this round, Arbor
has raised approximately $34 million dollars to date.
In conjunction with the financing, Pete Shagory of Baird Venture Partners has
joined Arbor’s board of directors, which includes Thomas J. Fogarty MD,
Arbor’s board chairman and co-founder, David Douglass of Delphi Ventures,
Doug Kelly MD of Alloy Ventures, David Chonette, and Steve Bacich, Arbor’s
president and chief executive officer.
“We are pleased to complete this significant round of financing and to bring
Pete Shagory to our board,” said Mr. Bacich,. “This financing milestone
enhances an already strong development team that is supported by
experienced medical device investors and a rich intellectual property
portfolio. The success in our funding process speaks to the momentum we
have garnered by the achievement of significant milestones over the past
several months. Our mission at Arbor is to develop a better heart valve
replacement system utilizing superior design and fabrication techniques and
our proprietary implantation method. We believe that Arbor’s technology will
be a driving force for improving the lives of heart valve patients around the
About Arbor Surgical Technologies, Inc.
Arbor Surgical Technologies, Inc. with facilities located in Irvine and Portola
Valley, CA (USA), is a privately held cardiovascular medical device company
focused on the heart valve replacement market. Founded in 2002 by Dr.
Thomas J. Fogarty and noted heart valve designer, Ernie Lane, Arbor is
developing multiple technologies that have the potential to deliver significant
clinical benefit to patients worldwide. Arbor intends to develop and
commercialize its core technologies in varying combinations, giving the
company the opportunity to create a broad portfolio of product offerings.
Currently in clinical trials, Arbor is developing a tissue heart valve family of
products designed for improved performance over existing valves and
compatible implantation tools that simplify and speed valve replacement
About Baird Global Private Equity
With more than 40 investment professionals in the United States and Europe,
Baird’s global private equity business has raised and managed over $1.2 billion
in capital. Baird Venture Partners makes venture capital investments in early-
to growth-stage companies in the Business Services & Software and
Healthcare/Life Sciences sectors. Baird Capital Partners provides late-stage
growth capital or change-of-control capital to U.S.-based, middle-market
companies in the Business Services and Manufactured Products sectors.
Granville Baird Capital Partners is a long-established private equity manager
targeting mid-market growth companies in the UK and Germany with a focus
on the Business Services, Healthcare and Industrial Products sectors. The
group’s investments are supported by Baird’s full range of financial advice,
operating expertise and industry research, providing a unique full-service
approach to the entire private equity investment process. For more
information, please visit www.bairdventurepartners.com.