Endoscopic Technologies (Estech), a provider of cardiac surgery devices, has completed USD8m in equity financing through the sale of its preferred stock, led by NBGI Ventures.
Endoscopic Technologies (Estech), a provider of cardiac surgery devices, has completed USD8m in equity financing through the sale of its preferred stock, led by NBGI Ventures.
This is in addition to the USD11.3m the company raised in September 2008.
Also participating in the financing were previous investors Saints Capital Everest, Telegraph Hill Partners and Waveland Venture Partners.
The company has also appointed Tony Remington as vice president of US sales.
Remington has 15 years of experience in medical sales and sales management at start-up companies, as well as major corporations. Most recently, he was vice president of sales at Ekos, a venture capital funded start-up company in the peripheral vascular field. Prior to this he was regional manager at Guidant Cardiac Surgery, regional manager at Medtronic Urology and vice president of sales at LeMaitre Vascular.
Aris Constantinides, investment director at NBGI Ventures, says: ‘We were deeply impressed by the superior clinical outcomes delivered by Estech’s innovative product range, as well as the company’s strong reputation with cardiac surgeons. We are delighted to support the company’s new management team, whose track record promises to bring strong operational results to Estech.’
John Pavlidis, Estech’s president and CEO, said, ‘Estech is gaining momentum and recognition in the market as a leader in minimally invasive valve, CABG and ablation procedures. Cardiac surgeons worldwide appreciate our unique dedication to cardiac surgery and commitment to improving their practice and clinical outcomes. With this new investment and the addition of Tony Remington to our management team, we will continue to innovate and significantly expand our position in the market.’
