Israel-based Rapid Medical said that proceeds from the now closed Series C round will be used to support the completion of its TIGER U.S. IDE study and further commercial growth of its minimally invasive stroke treatment and prevention devices.
The round was led by JAM Capital Partners and MicroPort and joined by Agate JT, the RocSon Medtech Fund and existing investors, Rapid Medical said.
“This financing round speaks to the potential impact of our products and technology for stroke patients. This financing will enable Rapid to continue to build our commercial footprint and solve unmet clinical needs. We are delighted to have high quality new investors joining us and are excited about the partnership with MicroPort in China,” Rapid Medical co-founder & CEO Ronen Eckhouse said in a press release.
In connection with the funding round, Rapid Medical and MicroPort inked a partnership deal granting MicroPort the marketing rights to Rapid Medical’s Tigertriver and Comaneci products in China. In addition, MicroPort’s Bruce Wang and JAM managing partner John McCallum will join Rapid Medical’s board of directors.
“We are very pleased to partner with Rapid Medical to bring their premier products to the Chinese market and look forward to substantial advancements in endovascular stroke care,” Wang said in a prepared statement.
“Rapid Medical’s game changing technology should significantly improve stroke treatment and meaningfully expand the size of the market by offering endovascular care to areas in the brain that cannot be treated with the technologies currently on the market. We are encouraged by the success to date and look forward to helping the management team build a world-class company,” McCallum said in a press release.
Last July, Rapid Medical said that it won CE Mark approval in the European Union for its Tigertriever 13 stent retriever intended for treating ischemic stroke, and added that the first patient in the region has been treated with the device.