ArtVentive Medical Group Inc. (OTC:AVTD) froze the design process for its Endoluminal Occlusion device, saying it’s gearing up to seek regulatory approvals ahead of launching the product in Europe and the U.S.
The San Marcos, Calif.-based company it also has its eye on Eastern Europe, Japan, Asia Pacific and Latin America.
“This is another milestone in the company’s growth and moves the company one step closer to its targeted 2011 European commercialization of the EOS device,” chairman, CFO and CEO Jim Graham said in prepared remarks. “We are pleased with the compounding success that we have experienced and we look forward to the continued expansion of our family of EOS devices.”
The EOS is a catheter-based device designed for the permanent or temporary occlusion of body lumens. In February, ArtVentive pulled in $10 million in financing from a European financial group, which the company said it plans to use to fund clinical trials of the device.