Partisan, Partisan principals and The Weldon Foundation have investments in seven early stage companies at present. The details are as follows:
AtriCure, Inc. was started in November 2000 to develop instruments to treat atrial fibrillation by ablating areas of atrial tissue from outside the heart via a minimally invasive surgical approach, mimicking the classic Cox/MAZE procedure. The Series A and Series B financings were syndicated with USVP, Camden, Charter and Foundation Medical Partners. AtriCure completed an IPO in August 2005. AtriCure had sales of nearly $50 million in 2007. Partisan and related entities have invested $1.8 million in AtriCure and own approximately 5% of the Company.
Medivance, Inc. was initially financed in May 1998 to develop therapeutic temperature management devices, principally for treating stroke. In contrast to others designing therapeutic cooling devices, the Medivance system is non-invasive. The Series A, B, C & D financings were syndicated with Kimberly Clark, Cross Atlantic, Camden, Skyline, CS First Boston, MDY Healthcare, Quellos, and others. In May 2003, Medivance sold the warming portion of the temperature management technology, used on patients undergoing complex surgical procedures, to Kimberly-Clark for $12 million. Partisan and related entities have invested $3.4 million in Medivance.
Neuronetics, Inc. was started via a purchase of intellectual property in July 2001. Partisan principals and Accuitive Medical Venture principals provided the seed funding. Subsequent financing has been provided by Three Arch, Investor Growth Capital, Interwest, Onset, Quaker BioVentures, KBL and Accuitive. Neuronetics is commercializing a technology to non-invasively stimulate brain tissue with pulsed magnetic fields. The initial application is to treat depression. A recently completed clinical trial has demonstrated that the company's treatment is highly effective in about 40% of drug-resistant patients. In October 2008 Neuronetics received FDA approval to initiate marketing. Partisan principals invested $440,000 in the seed round.
Communication Science, Inc. was founded in 1989 to provide kits of medical supplies and instructions for patients to self-treat various medical conditions. The key competency of Careguide is the use of ethnography to develop and perfect medical instructions. Over time, Careguide has focused on chronic diseases and has completed a series of clinical studies demonstrating a pronounced increase in compliance and a major reduction in medical costs associated with the use of the Company's kits. The company also develops kits sold to pharmaceutical companies to enhance patient drug compliance. Partisan principals and related entities have invested $1.1 million in Careguide.
HemoCleanse, Inc. was started in 1983 to develop sorbent-based technologies to remove toxins from blood. The company has spun off both Renal Solutions and Ash Access during the extended development process. HemoCleanse has licensed a number of successful products to finance its principal development activities. Partisan and Partisan principals have invested $120,000 in HemoCleanse.
Ash Access, Inc. was spun out of HemoCleanse in October 2003 to develop improved central venous and peritoneal catheters for hemodialysis patients. In 2007 Ash Access entered into a distribution and sale option agreement with AngioDynamics, Inc. for the catheter products. In addition, Ash Access developed a catheter lock solution named Zuragen that is used to prevent both coagulation and blood infections for patients using hemodialysis and other long-term, indwelling catheters. Initial clinical trial results for Zuragen will be available by year-end 2008. Zuragen is FDA approvable as a device and attractively reimbursable as a drug. Subsequently, Ash Access developed a surgical preparation solution named ZuraPrep. Initial clinical trials of ZuraPrep indicate that it is superior to all presently marketed surgical preparations. Partisan principals have invested $500,000 in Ash Access.
Morris Innovative, Inc. (MII) is a late stage medical device company with an FDA PMA approved vascular closure device. The MII product uses porcine small intestinal submucosa (SIS) to seal an arterial puncture made to enable an interventional cardiology or radiology procedure. Clinical trials to date have demonstrated more than a 90% success rate, with no formation of scar tissue at the site of arterial closure. Partisan believes that using SIS as the vascular sealing means will make the MII device a first-in-class medical product. Although Partisan does not invest in late stage companies, Partisan principals have joined the MII Board of Directors and have taken part time roles as Chairman and Vice President of Business Development.