Cleveland HeartLab announces $14.7 million financing

Cleveland HeartLab Press Releases

Contacts:
Jake Orville
President & Chief Executive, Cleveland HeartLab Inc.
216-426-6081

Jason Lansdale
Marketing Manager, Cleveland HeartLab Inc.
216-426-6081, ext. 1450

Rod Hise
The Luminis Group, Ltd. for Cleveland HeartLab Inc.
608-770-7850

For Immediate Release

Cleveland HeartLab closes $14.7-million financing

CLEVELAND, Oct. 22, 2012 – Cleveland HeartLab Inc. (CHL), a rapidly growing specialty clinical laboratory and cardiovascular disease management company, today announced the completion of a $14.7-million financing. Mutual Capital Partners, Cleveland, led the round. Existing shareholders, including Excel Venture Management, HealthCare Ventures, both of Boston, and Cleveland Clinic also participated.

The funds will support the expansion of CHL’s selling and marketing efforts, the evaluation of and entry into new markets, and the continued development of its proprietary test menu.

“We continue to fuel the growth of Cleveland HeartLab through our unique approach to cardiovascular and chronic disease risk assessment and our proprietary biomarkers,” said Jake Orville, the company’s president and chief executive. “The demand for our approach and technology continues to grow. This financing will support the development and commercialization of our pipeline of new biomarkers, making our approach even stronger and enabling us to continue our leadership in cardiovascular and chronic disease management.

“Together, the work supported by this round will allow us to develop even greater breadth and depth in our test offerings and will strengthen our ability to reach and retain key customers,” Mr. Orville said.

About Cleveland HeartLab

Cleveland HeartLab Inc. is a specialty clinical laboratory and cardiovascular disease management company focused on offering a robust menu of propriety diagnostic tests based on unique molecular biomarkers. CHL operates a CLIA-certified and CAP-accredited clinical laboratory. It has developed a panel of tests that thousands of practitioners use in the management and prevention of heart disease. CHL also runs a research and development laboratory where next-generation cardiovascular disease biomarkers are being developed for use through CHL’s clinical laboratory. This valuable pipeline of tests is part of an exclusive intellectual property portfolio that targets large, under-addressed markets. For more information about Cleveland HeartLab, please visit the company’s website at www.clevelandheartlab.com.

Mutual Capital Partners

Mutual Capital Partners prefers to be the first institutional investor and business partner in a growth stage company that is fast growing and where the team and products or services are proven. Ideally, after investment from Mutual Capital Partners, the founders continue to serve as a functional contributor or beacon for the marketplace. Growth companies have found that we can help them deepen their management teams, bring advisors and directors that are beyond their immediate circle, assist with expansion into distant markets, assist with the assessment of potential acquisitions and prepare for an exit.