CardioMEMS   
CardioMEMS was founded in 2000 in order to pursue commercial applications of micro-electromechanical systems (MEMS) developed in the laboratories of Georgia Tech and M.I.T. for use in patients with a variety of disorders including abdominal aortic aneurysms (AAA) and congestive heart failure (CHF). The CardioMEMS AAA Pressure Sensor, an implantable MEMS-based device designed to monitor pressure in the space between an endovascular graft and the arterial wall, entered its first phase of human trials in early 2003. The initiation of clinical trials for the CardioMEMS Heart Pressure Sensor, a similar product designed for surgical insertion into the left ventricle of heart failure patients, occurred shortly thereafter in early 2004. CardioMEMS realized its first major regulatory milestone in 2005, achieving 510k approval and obtaining the CE mark for its AAA product. The company reported its first sales in the following year and attained a 39% year-on- year increase in gross revenue from 2006-2007. A larger market opportunity is available for the company’s CHF sensor, for which the company is currently seeking regulatory approval. Pivotal trials for this product commenced in 4Q07. CardioMEMS’ technology covers a broad range of in vitro applications, and the company has been able to attract late stage investment on terms attractive to the company that we expect will fully fund the creation of significant value creating events.