TherOx Raises $30 Million in Preferred Equity Financing

Business Wire, July 18, 2005

IRVINE, Calif. -- TherOx Inc. today announced that it has completed a preferred equity financing of approximately $30 million led by New Science Ventures. The financing also included Aperture Venture Partners and Wasatch Advisors as new investors. Major investments were made by existing investors Kleiner Perkins Caufield & Byers and Integral Capital Partners.

"TherOx's unique technology offers potentially a number of important therapies starting with a revolutionary way to treat heart attack patients," said Somu Subramaniam, managing partner of New Science Ventures LLC.

"This round of financing will enable us to conduct the final phase of our acute MI pivotal trial, submit our Pre-Market Approval application to the FDA, and scale up manufacturing," commented Kevin T. Larkin, president and chief executive officer of TherOx. "We enthusiastically welcome New Science Ventures, Aperture Venture Partners, and Wasatch Advisors as new investors in TherOx and convey deep appreciation to existing investors, particularly Kleiner Perkins Caufield & Byers," Larkin added.

TherOx has developed a novel heart attack (Acute Myocardial Infarction or AMI) therapy that combines hospital-supplied oxygen and saline to create a highly oxygenated solution called Aqueous Oxygen (AO). Today the majority of patients experiencing AMI receive angioplasty and stents to restore normal blood flow to the heart. Following treatment with angioplasty and stents, TherOx's AO therapy is administered to reduce infarct size and improve heart function post AMI. Clinical results of prior studies show favorable evidence of both benefits.

About TherOx Inc.

TherOx Inc. is a medical device company based in Irvine. TherOx's technology dissolves supersaturated levels of oxygen in saline to create Aqueous Oxygen, or AO solution, which is infused into the blood stream to help restore oxygen to oxygen-deprived tissue. For example, AO Therapy administered within hours after a heart attack may resuscitate damaged heart muscle that would otherwise die. AO Therapy can be administered in the cardiac cath lab immediately following standard interventional procedures (angioplasty and stents). TherOx believes its technology represents a Platform Technology that can be applied to a variety of medical conditions. The first application to be evaluated is AMI, which affects over 1.3 million patients annually in the U.S. alone.

About New Science Ventures LLC

New Science Ventures LLC is a New York-based investment firm focused on science-based companies. Previous investments have been in the medical device, biotechnology, and material science sectors.