Tennessee-based medical device maker Advanced Catheter Therapies pushed the cap on its Series B funding round after generating more interest that it expected.
The company is now looking to raise $4.5 million where it had previously sought $3 million in support of its catheter-based endovascular drug delivery technology.
ACT is expecting to make some big moves, especially with its flagship Occlusion Perfusion Catheter, used to precisely deliver drugs to treat restenosis, venous insufficiency and AV fistula blockages. The company expects to develop several new catheter sizes and launch a test market release by the end of this year.
The device maker is also pursuing pre-clinical trials of its Neuronal Protection System for treating ischemic stroke.
Most of ACT’s Series A investors returned for the Series B round, including ACT I Investments, the Chattanooga Renaissance Fund and the Maclellan Foundation and its affiliates, the company said. New investors include Innova Fund II LP, INCITE Co-Investment Fund, DeMoss Alternative Opportunities Fund and Blank Slate Venture Fund. A number of angel investors also participated.