R3 Vascular announced today that it closed an $87 million Series B financing round and appointed Christopher Owens as president and CEO.
Owens succeeds founder Kamal Ramzipoor, who intends to transition to the role of chief technology officer (CTO).
Mountain View, California-based R3 develops bioresorbable scaffolds for treating peripheral arterial disease (PAD). The company makes the scaffolds from a unique, ultra-high molecular weight polylactic acid polymer. Combined with the stent design and proprietary processing techniques, this polymer allows for thinner, stronger and more flexible sirolimus-coated scaffolds, even at longer lengths.
The company designed its scaffolds to gradually and predictably absorb into tissue, leaving a more naturally functioning vessel.
Deerfield Management affiliates led R3’s Series B round. Existing shareholders, including 415 Capital and a strategic investor, also participated. R3 plans to use the funds to support its ELITE FDA investigational device exemption (IDE) trial for the Magnitude scaffold. The trial looks at Magnitude in the treatment of below-the-knee (BTK) PAD.
“This significant financing is also a testament to the belief in our evolutionary bioresorbable scaffold technology to provide treatment for this significant and growing problem of below-the-knee PAD,” Owens said in a news release.
Funding may also support additional R&D, global regulatory submissions, manufacturing scale-up and initial commercialization efforts. In connection with the financing, David Neustaedter and Dr. Michael Hurley from Deerfield joined R3’s board of directors.
“We are excited to help bring to market one of the most promising interventions we have seen for below-the-knee peripheral artery disease and believe R3 has the potential to impact the tragically high lower extremity amputation rate,” Neustaedter said.
More about new CEO Christopher Owens
Owens brings more than three decades of experience in medical devices to R3 Vascular. He most recently served as president and CEO of Gynesonics, a women’s health medical device maker.
Before that, Owens served as President and CEO of IDEV Technologies, which developed the Supera Veritas stent system for PAD. Abbott bought IDEV in 2013. Other roles included VP of worldwide marketing at MicroVention and VP of global R&D for Bausch & Lomb’s surgical division.
R3 Vascular’s Executive Chair, Jack Springer, said Owens brings extensive experience and a proven track record leading medical device firms.
“I am very pleased to join R3 Vascular and work closely with Kamal Ramzipoor and the rest of the team to build upon the success of the company and this transformative breakthrough technology,” Owens said. “R3 Vascular’s novel bioresorbable scaffolds encompass a world-class polymer and scaffold design that drives significant next-generation advantages with our technology. This, accompanied with our unparalleled scalable and flexible manufacturing processes and capabilities, contribute to the company’s mission to further improve the treatment and outcomes for patients suffering from PAD.”