Intact Vascular said today it lifted the total raised in its Series B financing round to $46 million after receiving additional investments to the round, which initially closed in May 2015.
Additional capital was invested by current investors New Enterprise Associates, Quaker Partners and H.I.G. BioHealth Partners, the Wayne, Penn.-based company said.
“The team at Intact Vascular has made substantial progress since our initial investment. Intact is poised to bring a truly innovative endovascular technology to the peripheral vascular market place, and we are pleased to be a part of that important effort,” NEA partner Dr. Justin Klein said in a press release.
Funds from the round are slated to support Intact Vascular’s clinical development program, including both above-the-knee and below-the-knee clinical trials. Money raised will also support product development and expansion of its Tack endovascular system desgined for treating peripheral artery disease.
The Tack endovascular system is designed to repair dissections that occur as a complication of balloon angioplasty. The system allows operating physicians to repair dissections with only a small amount of foreign material in the artery, Wayne, Penn.-based Intact Vascular said.
“We welcome the additional investment from our investors and greatly appreciate their vote of confidence in us. We are well positioned to use this new investment to rapidly advance our clinical and product development initiatives,” prez & CEO Bruce Shook said in a prepared statement.
In June, Intact Vascular said it launched the Tack Optimized Balloon Angioplasty III clinical trial investigating its Tack endovascular system along with Medtronic‘s (NYSE:MDT) Admiral drug-coated angioplasty balloon for treating peripheral arterial disease.
The 1st patient in the trial has been treated by Dr. Klaus Brechtel at Berlin, Germany’s Franziskus-Hospital, the company said. The multi-site Toba III trial is slated to enroll 200 patients with PAD, including a subgroup of patients with long arterial lesions, the company said.