Vascular closure device dev Cardiva Medical said yesterday it closed a $30 million round of equity financing to support the commercial expansion of its Vascade vascular closure system.
The round was joined by affiliates of Luther King Capital Management with participation from existing major investors, including PTV Healthcare Capital and Canepa Advanced Healthcare Fund, the Santa Clara, Calif.-based company said.
“Vascade has demonstrated an unprecedented safety profile for patients – which is fueling Cardiva’s rapid growth rate. We are excited to be part of that growth story and the expansion of Cardiva’s technology into new areas,” Luther King Capital Management’s Michael Bornitz said in a prepared statement.
Funds will support its Vascade system, as well as funding development of its proprietary, next-gen closure system technologies.
“We are pleased to welcome the affiliates of Luther King Capital Management as a new investor, and grateful for the continued support of our existing investors. Our mission is focused on reducing access site complications for the millions of patients who undergo vascular procedures each year. Vascade has made a difference for over 100,000 patients in the United States since commercial launch just three years ago and adoption continues to grow rapidly. This financing will enable us to fully execute our commercial growth and development programs,” prez & CEO John Russell said in a press release.