Medical device company moving to Elm City
(6/18/2010) (From the New Haven Register)
EpiEP Inc., a medical device company in Charlottesville, Va., plans to move its headquarters to New Haven by mid-July.
Connecticut Innovations, a quasi-public agency that invests in technology companies, awarded $1 million to EpiEP. The capital was provided through CI’s Eli Whitney Fund and is part of a $1.5 million round of funding, also involving LaunchCapital and individual investors.
“We are delighted to establish our headquarters in Connecticut and forge a strong relationship with Connecticut Innovations,” EpiEP Chief Executive Officer Pamela Bunes said in a statement. “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.”
Gov. M. Jodi Rell said the investment in EpiEP is Connecticut Innovation’s 17th investment in early-stage Connecticut technology companies this fiscal year, which ends June 30.
The company plans to begin hiring once the move is final.
“EpiEP will be a wonderful addition to Connecticut’s growing technology industry. We have the most highly skilled and productive work force in the nation and EpiEP will be well-positioned to succeed,” Rell 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 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.
Known as the EpiAccess system, it is designed for safe, reliable, minimally invasive access to the pericardium, or outside surface of the heart. EpiEP’s intellectual property consists of four patents pending and two provisional patents, licensed from the University of Virginia Patent Foundation.
“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,” said Peter Longo, president and executive director of CI.
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