Neograft Technologies, Inc. Closes $5 Million Equity Offering

Online, August 9, 2011 (Newswire.com) - Neograft Technologies, Inc. (www.neograftinc.com), a medical device company developing advanced cardiac technologies for use in heart bypass procedures, announced successful completion of a $5 Million equity offering on July 29, 2011. The investment round was led by an Erie, PA based private investment fund together with one other investment fund and several private investors.

"We are extremely pleased to be able to close this round within thirty days of the offering," said Neograft Technologies, Inc. Chairman Richard Petersen. "Our team and our story have strong appeal and it is gratifying to see this support from the investment community."

With facilities in Pittsburgh, Pennsylvania and Taunton, Massachusetts, Neograft Technologies, Inc. was organized in 2009 to develop advanced cardiac technologies that improve clinical outcomes for heart bypass procedures. The company's Angioshield™ technology is expected to dramatically improve a commonly performed high-impact surgical procedure, Coronary Artery Bypass Grafting (CABG). Angioshield™ is a new device used for controlled structural support of veins used in bypass procedures. The science behind the technology has been extensively developed and tested first at University of Pittsburgh's McGowan Institute and at the company over the past two years. The funds will be used to complete preclinical testing and development.

"We have made significant progress over the past two years to develop this idea into a working product and validate the underlying concept," said Jon McGrath, CEO of Neograft Technologies, Inc. "I am very excited to see such strong interest in our mission and pleased we have funding to complete the preclinical development and testing."

Coronary artery disease is the number one single cause of death in the U.S. each year, and more than 13 million patients suffer from coronary disease. Despite their extensive use, failure of arterial vein grafts is a major problem, leading to significant morbidity, compromised quality of life, and frequently requiring re-intervention. Neograft's breakthrough technology is expected to improve the safety and efficacy of the more than one million venous bypass grafts that are used globally each year in performing heart bypass procedures.