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NxStage Medical Raises $20.0 Million in Private Equity Financing
LAWRENCE, Mass. --(Business Wire)-- Sept. 30, 2004 -- NxStage Medical, Inc., a private company that develops and markets renal replacement therapy products, announced today that it raised $20 million in its fifth round of venture equity. The round was led by the Marubeni Group of Japan, a new investor in the company. Two other new investors, Credit Suisse First Boston and Wasatch Advisors, joined in the round. In addition, all of NxStage's existing venture investors participated: Sprout Capital, Atlas Venture, Adams Street Partners, Lightspeed Venture Partners, and private individuals.
"We are very pleased to welcome three new investors to NxStage and appreciate the continuing support from our existing investors," stated Jeffery Burbank, CEO. "I believe NxStage has demonstrated consistently that we can meet our objectives for product development, regulatory clearance and now commercialization. It is gratifying to me that investors of this caliber see the opportunity for our products and the value they bring to patients and dialysis providers. This financing will go towards accelerating our full commercialization in the chronic and acute markets", added Burbank.
Karey Barker, Director and Portfolio Manager at Wasatch Advisors, commented on her assessment of the company "Our primary focus is small and micro-cap public companies, but on rare occasions we invest in private companies we believe have innovative products that serve major markets and can thereby create significant market value and be successful public companies. We did careful research before investing and feel strongly that NxStage Medical fits that description. The company has many advocates in the renal therapy market who are excited about NxStage's approach."
Philippe Chambon, MD, PhD, Sprout Capital general partner and director of NxStage, noted that the System One was being well received by the market due to operational and economic advantages compared to existing systems. "The company started with a blank sheet of paper and created a truly innovative product that addresses unmet clinical needs in the market. NxStage has experienced strong market demand and this financing will give the company the means to pursue this large market opportunity. The company has a strong management team with a record of designing and developing renal products", stated Chambon.
NxStage Medical, Inc. was founded in 1998 to develop and market novel technologies for the treatment of kidney failure.
The NxStage System One is a breakthrough design that delivers hemodialysis, hemofiltration, and/or ultrafiltration to patients with renal failure or fluid overload. The system is compact and portable; it requires only a standard electrical outlet and no water processing. Its user-friendly interface and drop-in, disposable cartridge are designed for ease-of-use and streamlined training.
The System One is FDA cleared, and is available commercially. A specific indication for home hemodialysis is currently the subject of an FDA IDE study.
For more information on NxStage Medical and the System One, visit the company's website: www.nxstage.com.
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