Intact Vascular said today it raised $20 million in a Series C round of financing, with funds slated to support the company’s Tack endovascular system through the FDA pre-market approval process.
The round was joined by major participants New Enterprise Associates, H.I.G. BioVentures and Quaker Partners, the Wayne, Penn.-based company said. The funding is slated to come in two stages or tranches, with the second closing later this year.
Late last week, the company posted an SEC filing showing that it had raised $10 million in a round of mixed financing, and that it was seeking an additional $11.8 million before closing the round, which is likely connected to its Series C.
“We continue to be impressed with the extensive clinical program that Intact Vascular is advancing to illustrate the significant clinical benefits that a better solution for dissections can have on angioplasty for peripheral arterial disease and critical limb ischemia. NEA is proud to partner with the Intact team, the world class group of TOBA trial series investigators, and our other investing partners to advance the Tack through its pivotal trials and launch as a global commercial growth opportunity,” NEA partner and Intact board member Dr. Justin Klein said in a prepared statement.
Intact Vascular is developing the Tack endovascular system, which 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, Intact Vascular said.
The company said it is currently engaged in three clinical trials of the Tack system.
“We are at an exciting inflection point in the development of the Tack Endovascular System. With the projected completion of primary endpoint analysis for our pivotal TOBA II trial, and the projected completion of enrollment in both TOBA II BTK and TOBA III, 2018 is a true watershed year for us. We are delighted to partner with NEA, H.I.G., Quaker and several other investors on our journey to improve the treatment of peripheral arterial disease, and we truly appreciate their continued vote of confidence,” Intact Vascular prez & CEO Bruce Shook said in a press release.