BiO2 Medical said yesterday that it raised a $9 million Series D round for its Angel catheter, after concluding its pivotal clinical trial a year ahead of schedule.
The Angel catheter is designed to provide access to the central venous system and to trap blood clots before they can reach the lungs, according to the San Antonio, Texas-based company.
BiO2 said it also arranged $5 million in venture debt financing from Oxford Finance, with another $3 million due upon winning 510(k) clearance from the FDA for the Angel device. That could happen as soon as the 2nd quarter, BiO2 has said.
The new funds are earmarked for a U.S. launch, boosting the sales force in the U.S. and overseas, “incremental R&D projects” and general infrastructure, the company said.
“With this equity and venture debt capital secured, we are on the path to commercializing the Angel catheter in the U.S. and providing pulmonary embolism prophylaxis to over 1 million patients who are at high risk of pulmonary embolism and are ineligible for existing venous thromboembolism prevention,” chairman & CEO Christopher Banas said in prepared remarks.
Last month BiO2 said that the Angle pivotal trial hit its 150-patient target and closed a solid year ahead of schedule, after raising $4 million last summer.
The company, which reported raising $12 million in 2012, won CE Mark approval in the European Union for the Angel catheter in May of that year.