Vascular medical device developer Metactive Medical said yesterday it closed an additional $1.2 million in its Series A financing round, bringing the total raised up to $10 million.
The Fairway, Kan.-based company also said it received a $1.5 million Phase 2 SBIR grant to commercialize its over-the-wire Blockstent Microcatheter embolic device designed for occluding peripheral arteries and veins.
“This new investment capital and grant funding will be used to continue the development of our novel platform of embolic products, which we believe will provide physicians with devices that are exceptionally deliverable, can be placed with a high level of precision, are resistant to migration, and provide immediate, complete, and lasting occlusion. In addition to advancing the development of our Blockstent Microcatheter, we are excited to explore the potential of our Ballstent Microcatheter for embolization of cerebral aneurysms. Many hospitals store hundreds of types of coiled wires for the treatment of cerebral aneurysms, each with a particular shape, size and material composition. Physicians must painstakingly select and place as many as 20 or more of these coils into a single aneurysm, often with the assistance of accessory devices, and then wait 12 months or more to determine if the treatment has been fully effective. We believe Metactive can provide physicians with the ability to immediately and completely treat a wide range of aneurysm types and sizes with a single implant and a single coil, reducing procedure time, complexity and cost, while providing a more effective treatment for cerebral aneurysms,” prez & CEO Dr. F. Franano said in a press release.
The $1.2 million in additional funding in the Series A came from Mid-America Angels and Serra Ventures, Metactive Medical said.
“We have been actively following Metactive’s progress and watching with interest the growth of the neurovascular, peripheral vascular, and structural heart markets worldwide. We are confident the company’s proprietary implants and delivery systems can be leveraged to produce market-leading devices for a wide range of clinical needs, and are pleased to participate in this round of financing,” Mid-America Angels managing director Laura Classen said in a prepared statement.
