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Onux Medical

This article was originally published in The Gray Sheet

Executive Summary

Completion of $5 mil. second round financing Aug. 18 brings total funds raised since the firm's founding in 1998 to $9.5 mil., with contributions from initial investors Domain Associates and Delphi Ventures. The funds will help support the planned October launch of the Hampton, New Hampshire firm's 510(k)-cleared Touche Salute and Touche Grasper minimally invasive, needleless suturing technologies through distributors. The Salute is designed for use in hernia repair while the Grasper is intended for use in general and cardiac surgery. An international launch is planned by the second quarter of 2001. A portion of the funds also will support clinical trials in early 2001 for femoral artery closure and anastomosis indications, the firm says. "Trials for our femoral artery closure products and coronary artery bypass couplers will occur much quicker given these added resources," the firm says. The formation of a separate cardiovascular division in June "will allow us to focus specific energies on further development of our intellectual property in the exciting CV area," President and CEO Gregory Sancoff explains in a release
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