CleveX Closes Out Series A Funding -- Prepares For Product Pilot Launch

CleveX, a medical device company headquartered in the TechColumbus incubator, has announced the closing of its Series A equity funding round with the final unsubscribed $400,000 being funded by Reservoir Venture Partners of Columbus. Earlier in August, CleveX received $1.4 million in Series A funding to help bring to market innovative surgical tools used in the excision of cancerous and non-cancerous skin lesions. The financing was secured through a group of investors, led by Plymouth Venture Partners of Ann Arbor, MI. 
The funding will accelerate the commercialization of ExiClip™, a surgical tool that excises skin lesions and closes the site significantly more efficiently than typical scalpel and suture procedures, while providing a better cosmetic result. 
CleveX received early stage funding in excess of $250,000 from Ohio TechAngels, side car and individual investments. According to Gary Smith, president and CEO of CleveX, this funding helped research, position and validate the business proposition which was pivotal in attracting follow-on funding. 
As an incubator client, Smith says he has been amazed at the incredible access he has had, both formal and informal, to C level executives in a wide range of areas impacting business formation and capital access. "The hallway networking alone has been invaluable," he says.
In fact, Smith credits the securing of the $1.4 million funding by the Ann Arbor group to an opportune meeting in the TechColumbus parking lot with Will Indest (TechColumbus' vice president of capital access) and a visiting executive from Plymouth Venture Partners. 
The ExiClip,™ which was cleared by the FDA in May 2007, is currently undergoing pilot launch. Through the end of 2008, Smith anticipates $400,000 in domestic sales. Sales projections for 2009 range from $3.5 - $4 million.
For more information see www.clevex.com