Cardiva Medical, Inc. Announces Completion of the first two tranches of Series 3 Private Equity Financing and the Closing of a Senior Secured Debt Facility with GE Capital

SUNNYVALE, Calif., Aug. 19, 2014 /PRNewswire/ -- Cardiva Medical, Inc. announced today that it has closed the first two tranches of a$16.5 million Series 3 private equity financing and a $12.5 million senior secured facility with GE Capital. The Company will use the proceeds of the Series 3 private equity financing and debt facility to expand commercial efforts for its VASCADE® Vascular Closure System in the United States.

Investing in Series 3 private equity financing was a new investor, Canepa Advanced Healthcare Fund, L.P., who joined existing investors PTV Sciences, AmKey Ventures and TriVentures II Fund L.P.  Mr. Paul Enever from Canepa U.S., LLC, which serves as Investment Advisor to Canepa Advanced Healthcare Fund, L.P., has joined the Cardiva Board of Directors.

"We are extremely pleased that Canepa Advanced Healthcare, L.P. has joined Cardiva's current investors in this financing and that Paul Enever has joined our Board of Directors," said Charles Maroney, CEO. Maroney continued, "With the Series 3 equity financing and GE debt facility, Cardiva now has the financial resources to establish VASCADE as a leading extravascular closure technology which we believe can benefit both patients and healthcare providers in the United States by minimizing complications and associated costs and improving patient care when compared to conventional vascular closure devices."

"Cardiva's product platform offers the potential to transform the vascular closure market by improving both patient safety and comfort", said Paul Enever of Canepa U.S., LLC. Enever continued, "VASCADE leverages Cardiva's Catalyst® platform that has been utilized effectively in more than 400,000 procedures since its initial launch into the U.S. market in 2007". We are delighted to add Cardiva to our investment portfolio of emerging growth medical device companies that are focused on improving patient outcomes while reducing the cost of medical care."

Cardiva Medical, Inc. Announces U.S. Distribution for Hemostasis Products

SUNNYVALE, Calif., July 26 — /PRNewswire/ -- Cardiva Medical, Inc. announced today that it has signed an agreement with Advanced Vascular Dynamics to distribute several products used for postcatheterization femoral and radial artery hemostasis in the U.S. These products include i) RadAR™, an innovative radial artery compression device, ii) ComfortPress™, an ergonomic hand-held manual compression assist device, iii) ExpressAR™, an external mobile compression device and iv) Celox Vascular™, a chitosan based hemostatic patch.

"We are delighted to offer these unique products to our customers in the US," said John McCurdy, Vice President of Sales. McCurdy continued, "The products complement our Catalyst femoral artery closure system and will enable our customers to take advantage of economical alternatives for femoral and radial artery closure." RadAR, ComfortPress, ExpressAR and Celox Vascular are used in cardiac catheterization labs, interventional radiology departments and intensive care units. "This helps us extend our product lines to more customers and enhance our level of onsite customer service. We are very pleased to work with Cardiva," said Matthew Semler, President of Advanced Vascular Dynamics.

Cardiva Medical, Inc. Announces Departure of Founder and CEO, Augustine Lien

SUNNYVALE, Calif., March 2 /PRNewswire/ -- Cardiva Medical, Inc. announced today that Founder and CEO Augustine Lien has resigned effective March 5. The company's Board of Directors has appointed Rick Anderson, appointed Chairman of the Board in October 2009, to serve as interim CEO. Mr. Lien will remain a member of the Board of Directors.Mr. Lien founded Cardiva in 2003 and then has led the company for the past 7 years as Chairman and CEO. During that time, Cardiva has launched three highly innovative vascular closure products and grown to over 75 employees. "I owe a sincere thank you to the outstanding employees of Cardiva and to our customers who believe in what we do and embrace our technology," said Lien.Rick Anderson said, "We are appreciative of Augie's leadership and entrepreneurial spirit that has focused on patients and customers. The strength of the company's Catalyst business and our new product development programs are well established, and I am confident the team Augie built will take Cardiva to the next level."Mr. Anderson is Managing Partner at PTV Sciences, a healthcare venture capital and growth equity firm he joined in 2008. Prior to PTV Sciences, Rick was Company Group Chairman, Johnson & Johnson, and Worldwide Franchise Chairman, Cordis Corporation. Mr. Anderson is currently serving as a director on the boards of Cameron Health, InSite Vision (OTC Bulletin Board: INSV), and Tryton Medical, and serves as Chairman of the Board for Cardiva Medical, and IDEV Technologies.

Vascular Closure - Hemostasis of the femoral artery

Every year, millions of people worldwide undergo a femoral artery catheterization. The early discharge of these patients undergoing elective diagnostic and interventional procedures, such as angiography, percutaneous transluminal coronary angioplasty (PTCA), stenting, atherectomy, and catheter ablation, hinges on the lack of bleeding complications at the access site after the procedure sheath is removed from the femoral artery. The size of the access route, coupled with routine administration of anticoagulants, creates a strong need to stop bleeding at the puncture site as quickly as possible. However, hemostasis must be achieved without producing clotting in the vessels just treated in order to prevent a potentially fatal myocardial infarction or thrombosis. Simple compression – the use of hand pressure, clamps, and/or sandbags – is currently the standard of care for managing femoral vascular access sites following interventional cases. Under this conventional technique, anticoagulation therapy is discontinued for up to four hours prior to vascular closure in order to permit the patient’s clotting capability to return to a normal state.Throughout this period, the introducer sheath remains in place and the patient must remain immobilized to prevent bleeding. Upon sheath removal, direct compression is applied to prevent bleeding and formation of hematomas. While the patient lies flat, a nurse or technician holds direct manual pressure on the site for 20 to 60 minutes until thrombus forms to seal the access site. This monotonous and tiresome task often relies on trained hospital personnel to administer. Use of sandbags and other adjunctive mechanical compression devices like C-clamps may reduce the need for the nurse or other skilled individual to continuously hold initial manual pressure.There is the possibility for these compression devices to slip, necessitating close monitoring of the patient during this critical time to ensure correct compression of the access site. Additionally, these devices have failed to show measurable advantages over hand pressure and may increase patient discomfort. Once hemostasis has been achieved, the patient’s leg must remain motionless for a minimum of six and up to 24 hours (depending on the amount of anticoagulation drug therapy used and the particular procedure) in order to avoid dislodging of the clot, which can lead to internal or external bleeding.

Vascular Closure Products

Morris Innovative - FISH

St.Jude - Angioseal

Medtronic Inc. - EVS vascular stapling system, Clo-Sur PAD

Covidien - VascuSeal

Abbott - Closure S, Perclose A-T, Perclose ProGlide, Prostar, StarClose, Chitoseal

AccessClosure - Mynx

Cardiva - Boomerang

Medafor - MPatch

Sutura - SuperStitch

Vascular Solutions - Duett, Duett Pro, D-Stat

Radi Medical - FemoStop, RadiStop