EmboMedics said it raised a $4.3 million Series A1 round for the bioresorbable embolization microspheres it’s developing.
Maple Grove, Minn.-based EmboMedics said it plans to use the proceeds to pursue pre-market approval for a drug-delivery device, co-founder & CEO Omid Souresrafil said in prepared remarks. The infusion is enough to carry the company through 2018, Souresrafil said.
The company’s microsphere technology came out of the University of Minnesota lab run by co-founder & chief medical officer Dr. Jafar Golzarian, EmboMedics said. The company is targeting treatments for the prostate, uterine fibroid tumors and liver cancer.
EmboMedics said in a regulatory filing that the A1 round, launched last July, included contributions from 29 unnamed investors.
“We thank all of our Investors including our angels and private investors for their trust in our team and technology,” Souresrafil said.
A year ago, AngioDynamics (NSDQ:ANGO) put $11 million on the table for the licensing rights to EmboMedics microspheres, including an initial $2 million equity investment and another possible $9 million investment and exclusive option to buy.
