Contego Medical said it pulled in $5.6 million in a Series B round to advance its embolic protection technology for angioplasty balloon and stent-delivery catheters.
The Raleigh, N.C.-based company said it plans to use the money to expand its leadership, sales and engineering teams. The money is also slated to fuel development of new products with its next-generation integrated embolic protection technology.
Hatteras Venture Partners led the round, which also included Mountain Group Partners, Lookout Capital and Medical Mutual, Contego said.
Contego’s approach integrates filter-based embolic protection with angioplasty balloon and stent delivery catheters used to treat blocked arteries. The idea is that combining embolic protection with the treatment portion of the device in 1 system can help reduce the risk of stroke and other complications.
Contego’s Paladin carotid post-dilation balloon with integrated embolic protection has a CE Mark in Europe, but isn’t yet available in the U.S. Contego founder & CEO Ravish Sachar said that Paladin, and other devices under development, could become standards of care in their respective target treatment areas.
"The combination devices are designed to simplify procedures, improve outcomes and offer cost-effective solutions," Sachar said in prepared remarks.
Contego’s Corguard stent system and Vanguard renal stent system, both paired with the company’s embolic protection technology, are still under development, according to the company’s website. Contego launched in 2005.
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