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Financings in Brief: Cardiothoracic Systems

This article was originally published in The Gray Sheet

Executive Summary

Cardiothoracic Systems: Completes first round of private financing, raising "several" million dollars, the firm announces. Backers in the financing include The Vertical Group, Morgenthaler Ventures, New Enterprise Associates, U.S. Venture Partners, Venrock Associates and Weiss, Peck and Greer Venture Partners. Menlo Park, California-based start-up Cardiothoracic Systems is developing "specialized tools and systems" to perform direct coronary artery bypass (MIDCAB) surgery with a minimal three-inch chest incision that eliminates the current necessity of making a full chest incision, separating the entire ribcage and connecting the patient to a heart-lung machine, the firm states. More than 200 procedures have been done worldwide to date. Richard Ferrari will head up the new firm as its president and CEO. Ferrari comes over from Boston Scientific's Cardiovascular Imaging Systems business, where he also served as president and CEO...

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