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Pathfinder Lands $5 Million Series A Round –
Financing Led by Hatteras Venture Partners Helps Launch the
First System for Surgical Guidance in the Abdomen
Nashville, Tennessee October 30, 2008 --
Pathfinder Therapeutics, Inc. (PTI), a medical
device company focused on the development of "surgical GPS" systems for the
abdomen, announced that it has closed on a $5.2 million Series A financing round led
by Hatteras Venture Partners of Research Triangle Park, NC. Other investors included
Florida Gulfshore Capital, Clayton & Associates, Nashville Capital Network, Lumira, and
Vanderbilt University. Concurrent with the financing, Clay Thorp and Bob Morff, PhD,
from Hatteras Venture Partners and Richard Molloy from Florida Gulfshore Capital have
joined the Board of Pathfinder, and Bob will serve as interim CEO.
"After speaking with dozens of surgeons and thought leaders around the world, we are
confident that Pathfinder will fill a critical void for modernizing surgical precision in the
exploding field of robotic and image guided surgery," said Clay B. Thorp, General
Partner, Hatteras Venture Partners. "As a first mover with strong intellectual property
and some of the best thought leaders in the field, we believe that Pathfinder is wellpositioned
from a strategic and marketing point of view."
New capital will finance the launch of PlaniSight Linasys and SurgiSight Linasys,
medical devices focused on the planning and intra-operative navigation of liver surgery.
SurgiSight Linasys, an integrated system of hardware, software, and proprietary tracked
tools, received FDA 510(k) clearance in December 2007. PlaniSight Linasys, a
software system for pre-operative planning for liver surgery, received FDA 510(k)
clearance in September 2008. The company is currently conducting a post-clearance
clinical trial for Linasys, funded by a SBIR grant from the National Cancer Institute.
Sites for the trial are the University of Pittsburgh Medical Center, the Memorial Sloan
Ketttering Cancer Center, and the University of Florida Health Science Center.
Pathfinder’s products will be formally launched at the American Hepato-Pancreato-
Billary Association (AHPBA) meeting in Florida in March 2009.
"This investment allows the translation of our research and development from the
laboratory to the hospital and now to the marketplace where it can help the maximum
number of patients," said Robert Galloway PhD, co-founder and Professor of
Biomedical Engineering at Vanderbilt University. "Our team of engineers and surgeons
at Vanderbilt has been a leader in system development for surgery and other forms of
therapeutic guidance beginning with brain surgery. We are now able to bring the
advantages of such guidance to the liver, kidney and other abdominal organs."
"Vanderbilt has nurtured and developed Pathfinder for several years," said Harry
Jacobson, MD, Vice Chancellor for Health Affairs at Vanderbilt University Medical
Center. "We are pleased to have a firm of the caliber of Hatteras join us in helping
Pathfinder enter this next phase as an independent, entrepreneurial success."
About Pathfinder Therapeutics, Inc.
Pathfinder Therapeutics, Inc. is a medical device company dedicated to increasing the
number and effectiveness of surgeries on abdominal and other soft tissue organs.
Pathfinder improves surgical precision by allowing surgeons to "see through" the organ
they are operating on by registering the surgical instrument in three-dimensional space
onto pre-operative patient medical images. Pathfinder is the first company to receive
FDA clearance for a medical device to navigate liver surgery using preoperative medical
images, SurgiSight Linasys. SurgiSight Linasys uses state-of-the-art line of sight
localization and laser range scanning surface registration techniques to show surgeons
where they are in the context of their target organ and underlying structures. In addition
to SurgiSight, Pathfinder sells PlaniSight Linasys, a software system for liver surgery
planning. Beyond the liver, Pathfinder is developing guidance systems for the kidney,
pancreas, and other organs. For more information go to: www.2pti.com.
About Hatteras Venture Partners
Hatteras Venture Partners is a venture capital firm based in Research Triangle Park,
NC, with a focus on biopharmaceuticals, medical devices, diagnostics, and related
opportunities in human medicine. Founded in 2000, the firm consists of an experienced
team with a broad and complementary skill set that is particularly relevant to building
successful new biomedical companies. The Hatteras Venture Partners team brings
operational experience, a successful track record, and a proven ability to enhance the
value of the companies in which it invests. With three funds, the firm has more than
$120 million under management. For more information go to: www.hatterasvp.com.
For more information about Florida Gulfshore Capital go to: www.gulfshorecap.com.
About Florida Gulfshore Capital
Florida Gulfshore Capital (www.gulfshorecap.com)
is a growth equity investment firm focused on venture capital investments
and small to mid market private equity opportunities. It combines
the investment talents of its partners with the rich operating experience
of successful business executives in Southwest Florida.
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