CLEVEX™ Secures Equity Financing - Moves Ahead With Pilot Launch

COLUMBUS, Ohio--(BUSINESS WIRE)--CleveX™, Inc., announced today that it has closed $1.4 million in equity financing that will help accelerate its growth in commercializing innovative tools to assist in the excision of cancerous and non-cancerous skin lesions.

The Columbus, Ohio medical device company said it raised the seven figure investment from a group of Midwestern-based investors. The lead investor, Plymouth Venture Partners, Ann Arbor, MI, was joined by WPWIII Cap LP and The Esposito Group. Terms were not disclosed.

CleveX said the financing will help it fully commercialize ExiClip™, the Company’s lead technology. ExiClip™ is an innovative surgical tool that excises skin lesions and closes the site significantly more efficiently than typical scalpel and suture procedures. The technology also provides patients with an excellent cosmetic result. The ExiClip™ cleared the FDA 510(k) in May 2007. The company will initiate the ExiClip™ pilot launch in September 2008.

Ian R. Bund, chairman of Plymouth Venture Partners, said: “We are enthusiastic about providing CleveX with growth capital and other strategic resources to help it maximize current opportunities in the marketplace. We look forward to witnessing significant growth in the medical device market for CleveX.”

"We are very pleased to receive these investments. We can now move forward with our pilot launch and begin to bring key sales talent into the Company," said CleveX President, Gary Smith. “CleveX is seeking an additional $400k to close this round.”

About Plymouth Venture Partners

Based in Ann Arbor, PVP was formed to bring together experienced investors for the purpose of screening, reviewing and funding investment opportunities in private companies. PVP helps fill gaps in private funding arising from early stage investment gap, particularly in the Midwest. Ian Bund is the Chairman of Plymouth Management Company, Manager of PVP & one of the most experienced venture capital professionals in Michigan. Mark Horne is CEO. (www.plymouthvc.com)

About CleveX

CleveX, Inc. is a growth stage medical device company that is developing and marketing innovative skin excision, biopsy, closure and repair instrumentation. A spin-out of the Cleveland Clinic Foundation, the Company incorporated in December 2006. CleveX technologies significantly enhance practice economics for Dermatology, Plastic Surgery, and Primary Care physicians and provide patients excellent cosmetic outcomes. Gary Smith is CleveX’s CEO. (www.clevex.com)