Salt Lake-based Coherex Medical completes equity financing

Salt Lake-based Coherex Medical Inc., a privately held medical device company, announced Wednesday that it has completed an equity financing of $8.525 million through the sale of Series A Convertible Preferred Stock.

The proceeds of the transaction are expected to support clinical studies, continued research and development related to the company's Coherex FlatStent Patent Foramen Ovale Closure System and for general corporate purposes, according to a press release.

The lead investors in the financing round were Oxford Bioscience and vSpring Capital. Coherex named Jeff Barnes, general partner of Oxford Bioscience, and Dinesh Patel, managing director of vSpring Capital, to its board of directors.