In conjunction with the acquisition of Nellix, Endologix completed the previously announced private placement offering of common stock to Essex Woodlands Health Ventures which resulted in net proceeds to Endologix of $15m.
Nellix has developed a new device for the treatment of Abdominal Aortic Aneurysms (AAAs) that is expected to address the limitations of existing endovascular aneurysm repair (EVAR) devices and expand the global AAA market.
Endologix president and CEO John McDermot said the talented team at Nellix has developed a technology that has the potential to become the new standard of care for abdominal aneurysm repair.
"We believe that this acquisition combined with our existing and other new products in development give Endologix the most innovative pipeline of aortic endovascular devices in the industry," McDermot said.
"We look forward to expanding the EVAR market and providing physicians with more treatment options for their patients."
Endologix intends to use the proceeds from the private placement to integrate the Nellix technology, to conduct clinical studies, begin establishing a direct sales force in Europe, provide working capital and for general corporate purposes.
