Originally Published MX March/April
2002
BUSINESS NEWS
Bell Ringers etc.Cardiovascular innovators will get a boost from Tricardia Ventures (Minneapolis), a new company formed by St. Paul Venture Capital and Tricardia LLC. Tricardia Ventures will focus on identifying promising ideas and product concepts that can form the basis for marketable intellectual property or early-stage medical device companies in the cardiovascular field.
Chairman and CEO Manfred Schneider of Bayer AG (Leverkusen, Germany) rang the opening bell of the New York Stock Exchange on January 24, marking the first day of the company's listing on the exchange (NYSE: BAY).
Molecular diagnostics developer Gen-Probe Inc. (San Diego) will go it alone after being spun off from parent Chugai Pharmaceutical Company, Ltd. (Tokyo). The divestiture is expected by the end of 2002, when Chugai and the Japanese subsidiary of F. Hoffmann-La Roche (Basel, Switzerland) will merge under the Chugai name to become Japan's fifth-largest drug maker.
In January, CryoCor Inc. (San Diego) completed a $12 million second round of venture financing, which will be used to support market and clinical evaluations of the company's minimally invasive intracardiac cryotherapy device to treat patients with atrial fibrillation.
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