NEWS FROM AFFILIATES
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Ash Access Technology, Inc. Announces A
Private Fund Managed By Bear Stearns and Other New Investors Have Subscribed to
their $6M Series B Round of Financing
Funds
From Closely-Held Financing Are Earmarked to Commercialize Emerging
Antimicrobial and Catheter Products
Tuesday,
January 24, 2006 8:47 AM EST - - - (Lafayette, Indiana) - Ash Access Technology, Inc., a
privately-held biomedical and medical device firm, announced today that it has
raised $6 million dollars and closed a Series B round of financing with the
assistance of Periculum Advisors, LLC, Indianapolis, an affiliate of Periculum Capital Company, LLC. The
lead investor was a syndicate including a private fund managed by Bear Stearns, Frantz Medical Venture Fund I,
L.P. and a group of individual investors associated or affiliated with the
aforementioned institutions. Also investing were 8 Plus Ventures LLC,
individual investors principally from the States of Indiana and Wisconsin, and
the Company's executives, directors and existing shareholders.
“We are very optimistic about the future of Ash Access
Technology. The flagship antimicrobial therapy is really a specialty pharma
product that could meet a very large unmet need in today's market. Our
syndicate is made up of successful healthcare executives and investment experts
who can provide significant strategic value to Ash Access Technology as they
move toward commercialization of their product line,” said Joe Riccardo, who manages
the Bear Stearns private fund.
The Indiana Economic
Development Corporation provided tax credit incentives for Indiana
investors through their Venture Capital Investment Tax Credit program.
According to Bruce Kidd, Director of Small Business & Entrepreneurship at
the IEDC, “Ash Access Technology is precisely the kind of high potential young
company with market changing products that we believe Angel and VC investors
are looking for in Indiana, and that the VC Tax Credit Program was designed to
benefit.”
"It is gratifying to see respected members of the
investment community understand our vision and come alongside us after
comprehensive due diligence. Their validation and enthusiasm to help us bring
our life-saving products to market to combat infection amidst the growing
antibiotic-resistant healthcare crisis, is a significant milestone in the
growth of our company," said Bob Truitt, President and CEO
of Ash Access Technology, Inc.
Funds are earmarked for the commercialization of Ash Access
Technology's emerging product lines, including promising antimicrobial
technologies, catheters, and other catheter-related products focused on
infection prevention and maintaining patency (flow) of central venous
catheters. The flagship product prevents bacterial and biofilm growth while
maintaining patency in long-term central venous catheters such as those used by
many dialysis patients. The pivotal six-month trial of this new product has
been approved by the FDA and is scheduled to begin enrolling patients in May
2006 at ten sites across the country.
“We believe our core technology will establish an important
new class of therapy. Our antimicrobial product has the potential to prevent
high cost, life-threatening, catheter-related bloodstream infections (CRBSI) and complications without contributing
to the difficulties associated with the rise in antibiotic-resistance. The
quality and sophistication of our investors is a strong endorsement of our
current strategy and prospective business model,” said Carmine Durham,
Vice President, Sales, Marketing and Business Development.
Ash Access Technology, Inc. (www.ashaccess.com) is a
privately-held company founded to develop antimicrobial and vascular access
technologies, devices and methodologies to combat the deadly and expensive
problem of catheter-related bloodstream infections, with an emphasis on
prevention. Dr. Stephen R.
Ash, Chairman and Director, Research and Development, is a practicing
Nephrologist with the Arnett Clinic in Lafayette, Indiana, and is a world-recognized
researcher and patent holder in extracorporeal devices, sorbent chemistry, and
vascular and peritoneal access devices. Ash Access Technology is located in
Lafayette, Indiana in the INOK Business Center.
Ash
Access Technology, Inc. (www.ashaccess.com) is a privately-held company founded
to develop antimicrobial and vascular access technologies, devices and
methodologies to combat the deadly and expensive problem of catheter-related
bloodstream infections, with an emphasis on prevention. Dr. Stephen R. Ash,
Chairman and Director, Research and Development, is a practicing Nephrologist
with the Arnett Clinic in Lafayette, Indiana, and is a world-recognized
researcher and patent holder in extracorporeal devices, sorbent chemistry, and
vascular and peritoneal access devices. Ash Access Technology is located in
Lafayette, Indiana in the INOK Business Center.
This
press release contains forward-looking statements, which if not based on
historical facts, involve risks and uncertainties. Our actual results may
differ materially from the results or events stated in the forward-looking
statements, including, but not limited to, certain events not within the
Company's control.
Keywords:
Bear Stearns, Joe Riccardo, biomedical investments, antimicrobial, antibiotic
resistance, bloodstream infections, CRBSI, catheters, Ash Access Technology,
FDA, clinical trial, dialysis, medical devices, Indiana biotech
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Frantz
Medical Group
Frantz Medical Development / Frantz Medical Manufacturing
Frantz Tool & Design / Frantz Medical Ventures / Frantz
BioMarkers