Tuesday, April 22, 2008

IDev Technologies Raises $25M

Houston-based medical device manufacturer IDev Technologies Inc. announced Tuesday that it has concluded its third round of venture financing after securing $25 million. IDev said the Series C effort consisted entirely of existing investors, including PTV Lifesciences, Rivervest Venture Partners, Bay City Capital, Heron Capital, members of the senior management team, corporate advisors and initial independent investors. Thomas M. Tully, IDev's chairman and chief executive officer, said the money would help fund the commercialization phase of the company's SUPERA Transhepatic Biliary System, a self-expanding stent that the company contends is a significant advance over existing laser-cut nitinol tube stents. IDev develops and produces stent systems for the treatment of peripheral vascular and non-vascular diseases.