CardioVascular Spinoff Radiis Gets Financing

CardioVascular Dynamics Inc. said a small group of private investors and institutions has provided financing for Radiis Inc., a spinoff company.

No terms were disclosed. Last month, CardioVascular said it expected its stake in Radiis to be less than 20%.

CardioVascular said that in return for granting Radiis a limited license for the use of certain patents, including some catheter technologies, CardioVascular received “substantial” equity ownership in Radiis. CardioVascular also will receive royalties on future Radiis sales of products based on the patents.