Venclose Completes Series B Financing and Announces the Appointment of Jeffrey G. Carr, MD as Chief Medical Officer and Gregory J. Vislocky to its Board of Directors

SAN JOSE, Calif., Venclose, Inc., a privately-held Silicon Valley medical technology company developing next-generation solutions for the treatment of venous reflux disease, today announced the closing of an oversubscribed Series B round of financing from new and existing investors. Proceeds from the financing will be used to support new product development, expansion of manufacturing capabilities and general corporate purposes.

The company is commercializing the VENCLOSE™ Radiofrequency (RF) Ablation System, which is designed to close damaged veins and restore healthy blood flow in patients with venous reflux disease, a progressive medical condition which is often associated with varicose veins. To date, more than 4,000 patients in the United States and Europe have been treated with the VENCLOSE system.

Venclose also announced that Jeffrey G. Carr, MD, FACC, FSCAI has joined the company as Chief Medical Officer. Bringing more than 25 years of clinical experience, Dr. Carr will lead Venclose's medical advisory board and play a key role in new product development. Dr. Carr is a practicing interventional cardiologist and has served globally as a faculty educator for venous reflux disease therapies. In addition, his practice site is a Center of Excellence for live case preceptorships and training for arterial and venous interventions. Dr. Carr received his medical degree from the David Geffen School of Medicine at UCLA and completed his residency and fellowship at the UCLA Medical Center.

"Dr. Carr's breadth and depth of experience in advancing cardiovascular care will greatly benefit Venclose as we strive to improve the physician and patient treatment experience for venous reflux disease," said Jerry Gibson, Chairman and CEO of Venclose. "As a practicing physician, Dr. Carr will play a vital role in leveraging our novel RF ablation technology platform to develop improved solutions for the over 40 million patients that suffer from this venous condition."

In addition, Gregory J. Vislocky, who currently serves as Executive Vice President of Finance/Partner and Vice Chairman of the Board at Prestige Care, Inc., has been appointed to the Venclose Board of Directors. Vislocky has served at Prestige for more than 25 years in various investment banking capacities including asset acquisition, disposition and derivative enhancements. He brings to Venclose a thorough understanding of the financial marketplace.

"I am honored to serve on the Venclose Board of Directors," said Vislocky. "With its operational excellence and management team members' proven track records, Venclose is well positioned to benefit a large patient population."