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2004 2003200220012000 |
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DELTA CAPITAL COMPLETES INVESTMENT
IN ATHEROTECH Cordova, TN (November 10, 2003)-- Delta Capital Management, LLC, a leading venture capital firm focused on investing in the Southeast, today announced the completion of $1.5 million in Series E financing for Birmingham, Ala.-based Atherotech, Inc. The financing is the second close in a private offering of up to $11 million for Atherotech, following an initial close of $5.8 million completed in June 2003. Joel Wood, principal of Delta Capital Management, said, "Atherotech represents a compelling investment opportunity in the field of diagnostic testing for heart disease. We are impressed with the company’s innovative VAP™ Cholesterol Test and the strength of its management team, as well as the large and growing cholesterol testing market. We look forward to helping Atherotech build on its substantial momentum." According to Roseanne Varner, Atherotech’s president and chief executive officer, the company will use the proceeds from the offering to further the rapid widespread adoption of the VAP (Vertical Auto Profile) Cholesterol Test—the new standard of care in cholesterol risk assessment. "Our ability to secure funding from premier venture capital firms such as Delta Capital Management demonstrates their confidence in our increasingly important role in the early diagnosis and treatment of heart disease in this country," Varner said. "We have achieved significant growth due to increased laboratory, physician, and payor adoption of the VAP Test across the country, and we expect another strong year in 2004 as labs and physicians increasingly convert to the VAP Test to bring better care to their patients." The VAP Cholesterol Test goes beyond measuring total cholesterol, low-density lipoprotein (LDL), high-density lipoprotein (HDL), and triglycerides, providing direct, detailed measurements of cholesterol subclasses identified in updated National Cholesterol Education Program (NCEP) guidelines as emerging risk factors and secondary targets of therapy for heart disease. The test detects more than 90 percent of people at risk for heart disease, compared with just 40 percent with routine cholesterol tests, and it allows physicians to develop patient-specific treatment plans. The VAP Test is simple to perform. Samples are sent to Atherotech’s state-of-the-art laboratory for processing, and results are returned to the physician or laboratory within 72 hours. The VAP Test is reimbursed by Medicare and most insurers. About Atherotech Atherotech, a leading cardiodiagnostic company and specialty reference laboratory, is dedicated to improving the early diagnosis and treatment of heart disease and other cardiovascular diseases that kill nearly a million people each year. For more information, call 800/719–9807 or visit the company's Web site at www.thevaptest.com. About Delta Capital Management Founded in 1992, Delta Capital Management is a venture capital firm that invests in early and late-stage emerging growth companies. The firm makes venture capital investments primarily in the four-state area of Tennessee, Arkansas, Mississippi, and Alabama, but evaluates investment opportunities across the broader Southeast region. The firm focuses on four main industries: information technology, healthcare, telecommunications, and supply chain logistics. Delta Capital manages more than $90 million in capital and is licensed as a Participating Securities Small Business Investment Corporation (SBIC). Delta Capital assists its portfolio companies in their growth strategies, strategic planning, and subsequent capital strategies. More information is available at www.deltacapital.com. Contact: Barbara Sullivan Sullivan & Associates (714) 374-6174 bsullivan@sullivanpr.com Joel Wood Delta Capital Management LLC 901-755-0949 jwood@deltacapital.com |
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