Cappella Inc. raised $14.6 million (€10.5 million) in a Series D financing round.
Previous investors Polytechnos Partners, ACT Venture Capital, Fountain Healthcare Partners and Mitsui & Co. Venture Partners supported the round, while Kreos Capital Ltd. and Silicon Valley Bank (NSDQ:SIVB) entered the deal with debt facilities.
The Galway, Ireland-based company said it plans to use the proceeds from the financing to expand its Sideguard Sidebranch stent sales and distribution in the European Economic Area and South America and to build an additional 7,500-square-foot facility for manufacturing and research & development space. The Sideguard stent is designed to treat bifurcated vascular disease.
"We believe our proprietary products will treat many types of bifurcation disease, including Left Main Bifurcation Disease and our innovative sheath delivery system for self expanding nitinol devices will give us a platform to expand our range of products and build on the positive market reception of the Sideguard launch," CEO Dr. Art Rosenthal said in prepared remarks.
Rosenthal, a former executive at Boston Scientific Corp. (NYSE: BSX) and Labcoat Ltd., was named CEO at the Irish stent maker in June. He served as chief science officer for Natick, Mass.-based Boston Scientific from 2000 to 2005.
