Velomedix scores $10.2M in Series B, taps new CEO

Menlo Park, CA-based Velomedix, which is focusing on the benefits of therapeutic hypothermia, has closed $10.2 million in Series B financing and named Jeffrey Gold as its new CEO. Gold had been serving in the position on an interim basis. The company will use the proceeds from the financing to start a trial in support of EU commercialization and obtain FDA approval for a clinical study in the U.S.

Velomedix is studying the use of therapeutic hypothermia to help patients suffering from cardiac arrest and potentially acute myocardial infarction and stroke. Gold, who previously served as CEO of CryoVascular Systems and held positions at Cordis, sees great hope for the induced hypothermia. But "market adoption of hypothermia devices has lagged because, until now, there has been no single technology that could solve the thermodynamic challenge of therapeutic cooling to 33°C in a safe, user-friendly and effective manner, while simultaneously fitting within mandated hospital 'time-to-treatment' standards associated with cardiac arrest, AMI, and stroke," he says in a statement. But he says Velomedix could play a role in speeding up the use of therapeutic hypothermia.

Velomedix isn't the only company exploring the use of therapeutic hypothermia to benefit patients. Kalamazoo, MI-based Advanced Cooling Therapy is exploring methods to help control patient temperature. And unlike other temperature controlling technologies that go either on the surface or through the vein, ACT's system goes through the esophagus. In addition, the Journal of the American College of Cardiology published a study this week in which the authors hypothesize that systemic therapeutic hypothermia could preserve the brain during cardiac arrest.

- check out the Velomedix release
- here's the Journal of the American College of Cardiology study (sub. req.)

Special Report: Advanced Cooling Therapy - 5 device/diagnostic companies to watch

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