The 510(k) clearance Bio2 Medical won from the FDA in July for its Angel catheter triggered a 2nd, $3 million tranche from Oxford Finance last week, the company said yesterday.
The Angel catheter is designed to provide access to the central venous system and to trap blood clots before they can reach the lungs, according to the Golden, Colo.-based company. The FDA cleared the device July 28, Bio2 said August 24.
Bio2 said it plans to use the funds to commercialize the Angel device in the U.S. by hiring sales reps, building up inventory and working on market development. The tranche is part of an $8 million secured term loan announced early this year which followed close on the heels of a $9 million Series D round in January.
“This 2nd installment of venture debt, provided by Oxford Finance LLC, strengthens Bio2 Medical’s financial position during the launch of the Angel catheter, a critical time for strategic investment. This funding will allow us to enhance our sales infrastructure in the U.S. and make the Angel catheter available to a larger group of critically ill patients who would benefit from prophylactic protection from pulmonary embolism. The investment of these funds will drive revenue growth and move us another step closer to profitability. Our stakeholders’ continued support of Bio2 Medical and the Angel catheter is highlighted by our ongoing ability to raise capital,” chairman & CEO Christopher Banas.
Bio2 said it’s raised $43.1 million in institutional funding to date.