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Calgary Company Helps Doctors See the Human Heart in New Ways - Jun 03, 2010

Cardiac Imaging Software Company Draws $2.1 Million Investment

Calgary, AB ((June 3, 2010)) – Doctors around the world will soon have an opportunity to purchase a made-in-Calgary technology that offers enhanced visualization of the human heart.

Circle Cardiovascular Imaging Inc. (Circle CVI), a leader in medical software for cardiac assessment and diagnosis from magnetic resonance images and AVAC Ltd., a private, not-for-profit Alberta company that invests in promising early-stage businesses, announced today a $750,000 investment from AVAC Ltd. into Circle CVI. The AVAC investment was in addition to Circle CVI’s recent closing of a $1.4 million financing with local institutional and angel investors.

This funding will enable Circle CVI to expand its sales and marketing reach, bringing its advanced cardiac visualization tools to patients and doctors around the world, as well as adding advanced functionality and improved connectivity in the hospital environment to their cmr42 imaging software.

“With a solid management team, clear focus, and early indications of market adoption of a differentiated product, Circle CVI demonstrates many of the key attributes AVAC looks for,” says Ross Bricker, AVAC President and CEO.

“Circle CVI is entering a very critical stage in its short history that requires the company to move fast into new geographic markets, provide the latest in innovative teaching tools and provide the best after-sales support to all of our users,” says Greg Ogrodnick, CEO of Circle CVI. “The AVAC investment helps us to achieve our objectives of improving assessment and diagnosis by allowing cardiologists and radiologists to see the human heart in new ways.”

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About Circle Cardiovascular Imaging Inc.

Circle Cardiovascular Imaging Inc. (Circle CVI) is a Calgary-based company that develops third party post-processing software for the cardiac imaging industry. Used by physicians and hospitals, Circle CVI is becoming a prominent resource tool for the global cardiac imaging community. Circle CVI brings together an experienced and qualified team, including one of the world’s leading experts in Cardiac Magnetic Resonance, Dr. Matthias Friedrich. Dr. Friedrich is an Associate Professor in the Faculty of Medicine at the University of Calgary, and Director of the Stephenson Cardiovascular Magnetic Resonance Centre at the Libin Cardiovascular Institute of Alberta. For more information, please visit www.circlecvi.com.

About AVAC Ltd.

AVAC continues to break ground in Alberta with a significant contribution to Alberta’s emerging value-add industry, and the fledging venture capital sector. In partnership with a wide array of partners, investees, and sponsors, AVAC continues to play a critical role as the experienced investor in early-stage companies. AVAC Ltd. has investment mandates in ICT (Information Communications Technology), Life Sciences, Industrial Technology, Agribusiness value-added (Agrivalue™) and Agricultural Research sectors. Created in 1997 to stimulate, enhance and assist with the commercialization of innovative value-added products and services in Alberta, AVAC has been a significant contributor. Initially seeded with $35 million from the Alberta Government and $10 million from Agriculture and Agri-food Canada, AVAC has since grown its investment funds significantly to $126 million to date, and has invested in and provided commercial guidance to over 110 Alberta-based companies, who have reported in excess of $480 million in aggregate project-related sales to date. For more information, please visit www.avacltd.com.

For more information, please contact:

Greg Ogrodnick
Chief Executive Officer
Circle Cardiovascular Imaging Inc.
(403) 338-1870
greg@circlecvi.com
www.circlecvi.com
 

 

Ross Bricker
President and CEO
AVAC Ltd.
220, 6815 8th St. NE
Calgary, AB, Canada T2E 7H7
(403) 274-2774
rbricker@avactld.com
www.avacltd.com