Device Maker Alsius Attracts $10 Million
By VITA REED
Irvine medical device maker Alsius Corp. has raised $10 million in a fifth round of venture funding.
“We’re going to use it for the finish of our U.S. clinical trials and early commercializing in Europe and the U.S.,” said William Worthen, Alsius’ chief executive.
Alsius makes catheters and body temperature monitors for the neurology and cardiac markets. Its products include the Cool Line catheter, the Icy catheter and the CoolGuard temperature monitoring system.
The company’s catheters are designed to cool a patient’s body temperature from within the vascular system. The products have received European Union clearance. Food and Drug Admission submission is pending.
Ev3 Inc., a private medical device distributor out of White Bear Lake, Minn., led Alsius’ latest investment.
Alsius will try to raise an equal amount of money to fund clinical trials next year, Worthen said. The company was started in 1996 and has secured some $50 million of funding since, Worthen said.
Nearly two years ago, Alsius received $20 million in a round led by MPM Capital LP of Cambridge, Mass.
At that time, Worthen said Alsius was keeping a low profile to avoid tipping off its rivals: “We’ve proceeded with militaristic secrecy.”
Alsius is going to stay private for some time, Worthen said, saying it will be at least two years before the device maker even considers an offering.
“You tell me when there will be a public market,” he said.
