Privately held Mercator MedSystems plans to launch sales of its Bullfrog and cricket bats in online micro-infusion systems with the new $6.5 million in funding the California company raised in a Series B round.
Mercator will initiate sales in Europe, the U.S. and Australia, and will also use the funds to support clinical studies of its peripheral artery disease product platform.
Company leaders noted that the funding comes at a time when many small medtech firms are scrounging for cash.
"We are thrilled to have achieved this milestone in light of the particularly harsh financing environment for young medical technology companies," CEO Thomas Loarie said in prepared remarks.
The total round was comprised in part through equity financing and in part by $2 million in funding from the National Institutes of Health, the U.S. Small Business Administration and other federal agencies that chipped in with funds since 2010, according to a company statement.
Earlier this year Mercator touted CE Mark approval in the European Union for its Cricket and Bullfrog catheters, which are designed to inject therapeutic agents safely through blood vessel walls into deep tissues. The pair of products already had FDA clearance for the U.S. market.
