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FINANCIAL NEWS
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San Clemente's Altura Medical secures $20 million

The financing round was led by New Leaf Venture Partners.

By Kristen SchottPublished: June 01, 2010 03:19 PM

Courtesy of Fotolia
San Clemente-based Altura Medical Inc. has raised $20 million during its first round of venture funding.

The financing was led by New Leaf Venture Partners, which has offices in New York and Menlo Park, Calif. Advanced Technology Ventures and SV Life Sciences also participated in the funding round.

"We are very pleased with this financing, which demonstrates a high level of investor confidence in the Altura opportunity," said George Wallace, the firm's acting president and CEO.

He said the funding is an "endorsement" for Altura Medical's technology.

The early-stage medical-device maker plans to use the funds to develop products to treat abdominal aortic aneurysms, which occur when a weak area of the blood vessel bulges.

Roughly 4.5 million people suffer from the condition, and 600,000 new cases are diagnosed each year, according to the firm.

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