Intact Vascular said it brought in a $38.9 million Series B round it plans to use to get its Tack endovascular device through the FDA approval process.
Wayne, Pa.-based Intact said the round was led by New Enterprise Assoc. and included Quaker Partners, H.I.G. BioVentures and other prior backers. NEA director Dr. Justin Klein is slated to join the company’s board as part of the round, Intact said.
"We are poised to build significant value with the conduct of multiple clinical trials, both above and below the knee, all of which are aimed at demonstrating the unique value of the Tack endovascular system in the treatment of peripheral artery disease and moving us through the FDA approval process," president & CEO Bruce Shook said in prepared remarks. "We are thrilled to have the support of NEA as the lead investor in this Series B round. NEA’s track record of success and the expertise it brings to the table make them an ideal partner for Intact Vascular."
Earlier this month Intact released data from a feasibility trial of the Tack device.
Intact raised $15.5 million in its Series A round.
"Intact Vascular’s approach to peripheral artery disease is truly novel and has the potential to significantly improve treatment of this rapidly growing disease," Klein said in a press release. "We are excited to partner with the outstanding team at Intact Vascular and their investors to move rapidly into pivotal clinical trial work in peripheral artery disease and to explore new applications of this novel approach to vascular repair."