Halifax-based Coeur Metrics, early stage developers of a medical device that measures the heart’s ability to pump blood, has closed a $1.5 million round of financing. Participating investors are BDC’s Technology Seed Investments and Innovacorp.
“The enthusiasm and financial support from BDC and Innovacorp are critical for us,” says Richard Hattin, CEO of Coeur Metrics. "This investment will enable us to further develop our technology based on continuing market research and complete a beta version of the product."
Heart disease is one of the most frequent causes of death and illness, and requires expensive acute treatment. Most existing tools for assessing heart disease are invasive and are typically used in the later stages of diagnosis. Coeur Metrics’ new device measures Cardiac Output (CO), the heart’s ability to pump blood, which is the most important measure of the heart’s health. The Coeur Metrics monitor will be the ideal pre-screening tool to identify early signs of heart disease.
Based on technology developed by Nova Scotia researchers, the new instrument promises to be a non-invasive, low cost, simple to use, safe and accurate alternative to current measurement methods. The medical community and patients will welcome the novel approach.
The primary market for Coeur Metrics‘ monitor is in cardiac medicine. As the population ages, the market need will increase. “People are living longer and healthier, and they are demanding new and less invasive medical therapies and procedures,” says Gregory Phipps, BDC’s Halifax director of Technology Seed Investments. “This innovation will meet that need.”
“Coeur Metrics’ technology is innovative, backed by more than eight years of research,” says Ben Forcier, Innovacorp’s acting CEO and vice president of investment. “BDC and Innovacorp are pleased to be partnering with this company at the threshold of an extremely promising future.”
About BDC Venture Capital
BDC Venture Capital is a major venture capital investor in Canada, active at every stage of the company’s development cycle, from seed through expansion, with a focus on technology-based businesses that have high growth potential and that are positioned to become dominant players in their markets. BDC Venture Capital has been involved in venture capital since 1975 and has to date invested in more than 400 different companies. It currently manages approximately $550 million in venture capital assets invested in the areas of Life Sciences, Telecommunications, Information Technology, Advanced Technologies and Funds Investments.
BDC VENTURE CAPITAL
Innovacorp is an active investor, managing seed and early stage investments in promising Nova Scotia life sciences and information technology companies. The corporation enables entrepreneurs to commercialize their technologies through its High Performance Incubation (HPi) model. The model augments traditional business incubation facilities and services by offering an additional layer of venture advice and guidance.
About Coeur Metrics Inc.
Based in Halifax, Coeur Metrics is a startup company developing an innovative medical instrument for detecting and assessing heart disease.
For more information, please contact:
Richard Hattin, CEO
Coeur Metrics Inc.
Tel: (902) 488-5523
Halifax, Nova Scotia, December 15, 2004