SAN DIEGO and CARLSBAD, Calif/March 24, 2003 - Comerica (NYSE: CMA), a leading financial services company, and IntraLuminal Therapeutics, Inc., the first company to develop a guided crossing wire system for safely crossing total occlusions (TO), announced today that Comerica’s Technology and Life Sciences Division has provided the medical device manufacturer with a $2 million term loan.
"We are pleased to provide this credit facility to IntraLuminal Therapeutics, which has developed technologies to help treat coronary artery disease," said Chris Woolley, senior vice president and managing director of Comerica’s San Diego-based Pacific Southwest Technology and Life Sciences Division. "The life sciences sector is among the strongest when it comes to generating funds from the VC community, and we are committed to providing support in the form of debt financing to those companies that show the greatest promise."
Incorporated in 1997, IntraLuminal Therapeutics is focused on developing products for medical professionals that safely and cost-effectively cross and recanalize totally occluded arteries. The company’s Optical Coherence Reflectometry (OCR) technology in its Safe-SteerTM and Safe-CrossTM systems addresses this problem, as doctors using these products are able to see the boundary of the vessel before the guide wire touches the artery wall. IntraLuminal closed a $30 million VC funding round in June 2002.
"This credit facility will assist us in continuing our marketing efforts outside the U.S. and ramping up for the development of our next-generation system," said Karl James, vice president of finance at IntraLuminal Therapeutics. "The Comerica team impressed us with its knowledge of the life sciences space and we were also pleased to learn that the bank has the ability to meet our financial needs as we grow."
About IntraLuminal Therapeutics, Inc.
Addressing the last frontier in angioplasty, IntraLuminal is developing a family of products specifically for safely crossing and recanalizing total occlusions, utilizing a novel forward-looking guidance and energy control technology that addresses a $1 billion market. Of the 7.6 million patients worldwide who will undergo coronary and peripheral diagnostic procedures this year, 2.0 million will have one or more total occlusions. A significant percentage of these may benefit from IntraLuminal’s crossing system technology. The Company’s platform technology is being developed to address potential broad therapeutic applications for a variety of cardiovascular, surgical, neurological, carotid and men’s/women’s health procedures. Check out the Company at www.intraluminal.com or www.TCTMD.com.
About Comerica’s Technology and Life Sciences Division
Comerica’s Technology and Life Sciences Division is one of the nation’s leading technology banking practices, offering a wide range of financial services tailored to corporate customers, entrepreneurs and professionals. Veteran bankers provide credit and financial services and products to young, growing, professionally backed technology and life sciences companies, as well as their more mature counterparts. From 18 offices located across the U.S., Comerica’s Technology and Life Sciences Division serves all major technology centers. Comerica is among the 20 largest banking companies in the nation, with $53 billion in assets as of December 31, 2002.
Media Contacts:
Adlai Howe
IntraLuminal Therapeutics
(760) 918-1820
ahhowe@intraluminal.com
or
Adrienne Moch
Pacifico (for Comerica’s Technology and Life Sciences Division)
(619) 291-4645
amoch@pacifico.com
or
Keith Turner
Comerica Bank
(408) 556-5111
keith_turner@comerica.com
