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Sofinnova leads investment round in Coaxia

Sofinnova Partners of Paris, France has led a USD21.5m financing in Minneapolis-based medical device company Coaxia.

Sofinnova Partners of Paris, France has led a USD21.5m financing in Minneapolis-based medical device company Coaxia.

The round also included participation from previous major investors Affinity Capital Management, Baird Venture Partners, Canaan Ventures Partners, Johnson and Johnson Development Corporation, and Prism Ventureworks.

Coaxia is a company developing NeuroFlo, a device providing perfusion augmentation developed for the treatment of ischemic stroke. The purpose of this series D financing is to provide sufficient funds for Coaxia to complete its Sentis pivotal trial, and to submit results to the US FDA. In addition, the funds will allow further investigation of NeuroFlo in combination with a variety of stroke devices and drugs, and initiation of marketing.

Antoine Papiernik, managing partner at Sofinnova Partners, says: "Sofinnova is pleased to have led this financing round in Coaxia. We have long been interested in treatment opportunities in ischemic stroke, given the very large, global, untreated population. We had been following Coaxia’s progress for many years, already considered investing five years ago, but we felt today was for us the right time to get involved. We find the NeuroFlo technique very compelling, given its ease of use, excellent safety profile and impressive early clinical results. If the Sentis trial is successful, we believe that NeuroFlo has the potential to become a standard of care."

Andrew M. Weiss, CoAxia president and chief executive, adds: "We are excited to have attracted Sofinnova Partners to lead this round, and to have continued support from our current investors: Affinity, Baird, Canaan, JJDC & Prism. Despite the difficult financial environment, we are pleased to have raised a sizeable, and oversubscribed, financing round. These funds will provide the resources to finalize our pivotal trial and demonstrate safety and efficacy. Looking forward, with Sofinnova’s experience in financing medical device companies to successful exits, we believe that we are now well positioned for trial completion, PMA submission and initiation of sales and marketing."

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