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VCs Keep Capital Flowing To Stent Start-Ups

Venture capital investments in stent companies have remained strong over the past three years. According to Windhover's Strategic Transactions Database, VCs invested more than $114 in stent start-ups last year, compared with $31 million in 2006 and $70 million in 2007.

Venture capitalists love turmoil. The more the better. And, in case you hadn’t noticed, the stent business has seen more than its share. First restenosis knocked bare-metal stent makers back on their heels. When large medical device companies counterpunched with drug-eluting stents, the return salvo was equally heavy as participants of the 2006 European Society of Cardiology meeting questioned whether those same drug-coated stents presented an even greater risk then bare-metal ones.

But VCs don’t scare easily. An examination of deals in Windhover’s Strategic Transactions Database reveals that venture capitalists’ investment in stent-making start-ups is on the rise. Last year, VCs committed over $114 million to these companies, compared with $31 million and $70 million raised in 2006 and 2005, respectively. "We’ve seen this act before," says Hank Plain, general partner at Morgenthaler Ventures. Plain co-founded and led publicly traded Xtent Inc. and now sits on its board as well as the board of CardioMind Inc

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