Medical Device Company Moving Headquarters from Virginia to Connecticut
(6/17/2010) EpiEP Inc. Gets $1 Million State Technology Investment
From Connecticut Innovations
Gov. M. Jodi Rell today announced that a medical device company moving its headquarters from Virginia to Connecticut this summer has received a $1 million state technology investment.
The Governor said EpiEP Inc., which is developing novel technology in the treatment of heart disease, received the funding from Connecticut Innovations (CI), the state's quasi-public agency responsible for technology investing and development.
"EpiEP will be a wonderful addition to Connecticut's growing technology industry. We have the most highly skilled and productive workforce in the nation and EpiEP will be well positioned to succeed," the Governor said. "Our technology and bioscience sector is the fastest growing in the state giving us the ability to attract high-tech businesses, such as EpiEP, and create more jobs."
The Governor said the new company represents "another solid addition" to CI's dynamic portfolio. This investment in EpiEP is CI's 17th investment in early-stage Connecticut technology companies since the fiscal year began in July. According to CI, the company expects its move from Charlottesville, Va., to New Haven to be complete by mid-July. The company will begin hiring once the move is final.
The initial product being developed by EpiEP Inc. is intended to improve the quality of life for people suffering from cardiac arrhythmias and has the potential to make EpiEP a leading innovator and provider of cardiac surgical products. The $1 million investment in EpiEP Inc. was made through CI's Eli Whitney Fund. This investment is part of a $1.5 million round of funding, also involving LaunchCapital and individual investors.
EpiEP is designing a novel interventional platform to enable the treatment of certain deadly cardiac arrhythmias. The company's initial product, now under development, is the EpiAccess(tm) system which seeks to enable safe, reliable, minimally invasive access to the pericardium, or outside surface of the heart.
"We are delighted to establish our headquarters in Connecticut and forge a strong relationship with Connecticut Innovations," said EpiEP Chief Executive Officer Pamela Bunes. "Connecticut Innovations and LaunchCapital provide experienced investment teams, adding a positive dynamic to the board of directors and expertise to support the efforts of the EpiEP management team. I look forward to collaborating with them and building an organization that holds the promise of improving patient outcomes through use of our novel technology, while creating jobs and continuing to expand the life science community in Connecticut."
The patent-pending EpiAccess(tm) system measures a unique pressure-frequency wave form that may help guide safe access to the pericardium enabling better access to the surface of the heart for treatments of deadly arrhythmias. EpiEP's intellectual property, which consists of four patents pending and two provisional patents, has been licensed from the University of Virginia Patent Foundation.
Peter Longo, president and executive director of CI commented, "We are pleased to have played a role in bringing such an innovative company and strong team to Connecticut. We believe that EpiAccess and the company's pipeline of new products will enable significantly quicker, less expensive and more effective treatment of potentially fatal cardiac conditions than existing surgical tools."
Russ Tweeddale, CI managing director of investments, will represent CI on EpiEP's board of directors.
About Connecticut Innovations Inc.
Connecticut Innovations (CI) is a quasi-public organization dedicated to driving a vibrant, entrepreneurial, technology-based economy in Connecticut. CI stimulates high-tech growth by investing in: early-stage Connecticut technology companies; university/industry research collaborations; technology transfer; and, clean energy initiatives through the Connecticut Clean Energy Fund. CI also fosters collaboration among government, business, nonprofit and academic organizations to advance technology growth and promotes public policies consistent with CI's mission. For more information on CI, please visit CT Innovations
About EpiEP Inc.
EpiEP Inc. is a medical device company that is developing a platform of novel access systems which utilize a unique signature waveform to identify in real time that accurate and safe access are achieved for the minimally invasive treatment of cardiovascular disorders. The technology has been licensed from the University of Virginia Patent Foundation and EpiEP intends to develop the technology into commercially viable medical devices.
Follow this link for more information.