Aggredyne closes $3 million Series A convertible preferred stock financing

Aggredyne, Inc., a Houston-based biomedical diagnostics company that is defining a new standard for platelet function testing, sold out and closed a $3 million Series A convertible preferred stock financing.

“We believe this state-of-the-art technology is so important to patients that we really needed to find a way to make it available to the medical community”

The company will use the funds to complete its product line development, establish manufacturing processes, address the company's regulatory and commercial goals, and begin international sales.

Aggredyne is also preparing to file with the Food and Drug Administration a 510(k) for clearance to market its initial product, the AggreGuide^TM A-100, and related blood platelet testing. The AggreGuide is a patented, simple, inexpensive, laser-light-scattering platelet aggregometer that quickly analyzes a patient's responsiveness to his anti-platelet medication.

The technology was invented by researchers affiliated with the Utah Artificial Heart Institute and originally licensed from Brigham Young University to Thrombodyne, Inc. in Salt Lake City. Aggredyne has now acquired the worldwide, exclusive rights to the patents and technology, which had been previously licensed to ThromboVision, Inc.

"We believe this state-of-the-art technology is so important to patients that we really needed to find a way to make it available to the medical community," stated Chairman & CEO Edward R. Teitel, MD, JD. "That's why we will file for regulatory clearance, in the U.S. and abroad, to allow us to offer our device to the physicians' offices and clinics, so doctors can easily monitor the effectiveness or resistance of anti-platelet drugs."

President & COO Robert C. Hux, CPA, added, "The funds we raised will allow us to staff up to complete the product development, prepare the FDA filings, and begin offering the AggreGuide worldwide."