Mountain View, Calif.-based Amaranth Medical announced a $20 million Series B funding round in support of development of the company’s flagship Fortitude bioresorbable scaffold, a device-based treatment for coronary artery disease.
Amaranth plans to use the funds to further progress in clinical trials in hopes of winning CE Mark approval in the European Union, according to a company statement.
The company has already competed enrollment in the clinical trial and plans to release preliminary results later this year at the Transcatheter Cardiovascular Therapeutics in San Francisco.
Funding was lead by new investor DCP Management, a Singapore firm. Venstar Capital also joined in funding for the 1st time, alongside existing investors Bio*One Capital, Charter Life Sciences and Phillip Capital, according to a press release.
"We believe that this very successful financing is an indication of the unique potential of the Fortitude bioresorbable scaffold," chief technical officer and general manager Kamal Ramzipoor said in prepared remarks. "The Fortitude scaffold has been designed to have a high radial strength, significant conformability to the vessel wall and prolonged stability, yet be totally bioresorbable, which may reduce complications such as vascular inflammation, restenosis and stent thrombosis."