Targeted Technology, Burzik pass on Palmaz Scientific

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Less than a week after Dr. Julio Palmaz, shown here, wrote company shareholders saying Catherine Burzik would be taking over as chairman and interim CEO of Palmaz Scientific Inc. and that the company seeks a cash infusion from venture capital fund Targeted Technology funds senior partner said today that Burzik will have no involvement in the struggling biotech firm.

Photo: EXPRESS-NEWS FILE PHOTO

San Antonio venture capital fund Targeted Technology Fund and partner Catherine Burzik will have no involvement in struggling biotech firm Palmaz Scientific Inc., the funds managing partner said today.

Photo: Robin Jerstad /

Targeted Technology, Burzik pass on Palmaz Scientific

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In a strange turn of events, San Antonio venture capital fund Targeted Technology Fund and partner Catherine Burzik will have no involvement in struggling biotech firm Palmaz Scientific Inc.





The announcement was issued by Paul Castella, Targeted Technology senior managing partner, this morning. It came less than a week after Palmaz Scientific Chairman Dr. Julio Palmaz wrote company shareholders informing them that Burzik would be taking over as its chairman and interim CEO and that it was negotiating a capital infusion from a group of investors that included Targeted Technology.

Our investment decision with respect to Palmaz Scientific was arrived at after much consideration and evaluation of the opportunity and its fit with our investment criteria, Castella wrote in an email.

Palmaz, best known for inventing a cardiovascular stent credited with saving millions of lives, couldnt immediately be reached for comment.

Go to ExpressNews.com later today or Thursdays Business section to read more about it.

pdanner@express-news.net

Twitter: @AlamoPD