Aviir, a US-based heart disease monitoring company backed by local drugs maker Merck’s corporate venturing unit, has closed on a third tranche of $10m, rounding out a total financing of $30m initiated in December 2011. Merck Global Health Innovation Fund led the round, and was joined by Partners & Partners. Current investors Bay City Capital, Aberdare Ventures, and New Leaf Venture Partners also participated. The financing was again triggered by the company’s achievement of revenue milestones.
The proceeds will be used to build out commercial infrastructure, accelerate the nationwide commercial launch, broaden third-party reimbursement and initiate foreign distribution of Aviir’s proprietary cardiac risk assessment technology, and additional laboratory testing services.
Douglas Harrington, chief executive officer of Aviir, said: “The additional funding will now allow us to conduct a more broad commercial launch domestically and take the next steps toward a comprehensive international distribution plan to be rolled out later this year.”
Inverness Advisors, a division of KEMA Partners, acted as exclusive placement agent and Stradling Yocca Carlson & Rauth acted as legal counsel to Aviir for the financing and transaction.
Aviir was founded in 2005 by cardiologists and scientists from the Stanford University School of Medicine.