Cardiva Medical said yesterday that it added another $11 million to a funding round it closed last year at $30 million to continue the commercialization of its Vascade vascular closure device.
Existing debt and equity investors participated, including PTV Healthcare Capital, Canepa Healthcare and affiliates of Luther King Capital Mgmt., the Santa Clara, Calif.-based company said.
In March 2017 Cardiva said it had put a bow around the $30 million round for Vascade, which won pre-market approval from the FDA in February 2013. Yesterday the company said the latest infusion will also go toward its Ambulate investigational device exemption study of its closure system for mid-bore veins of 6-12 French inner diameter access sheaths in cardiac ablation and other procedures.
“This additional investment reflects enthusiasm from our investors for the continued high rate of sales growth of Vascade, as well as for the exciting potential of our mid-bore vein closure program,” president & CEO John Russell said in prepared remarks. “With the Ambulate trial, we are fortunate to have a world-class group of investigators engaged in this first-of-its-kind study.”
The 204-patient Ambulate trial is designed to compare treatment with the Cardiva investigational device with the standard of care, manual compression, for vessel closure after cardiac ablation procedures. Its principal investigators are Drs. Andrea Natale of the Texas Cardiac Arrhythmia Institute, Mintu Turakhia of the Stanford University School of Medicine and Steve Compton of the Alaska Heart & Vascular Institute, Cardiva said.
