PQ Bypass said today that it raised $60 million in an equity round of financing to help support its technology intended for treating patients with peripheral artery disease.
The round was led by Deerfield Management and joined by existing investors including Seroba Life Sciences and MedTech Venture Partners, the Sunnyvale, Calif.-based company said.
“With this funding we continue our pursuit of the science that will bring us closer to commercial release of this important advancement in the care of patients with PAD. We are very fortunate to have Deerfield as an anchor investor and, together, we are working to develop a minimally-invasive treatment alternative for a disease that affects millions of people, worldwide,” chair & CEO Richard Ferrari said in a prepared statement.
In the financing round, PQ Bypass said that it was able to convert approximately $15 million in outstanding convertible debt and interest into equity. Funds raised in the round will be used to continue development of the company’s technology platform intended for treating long blockages in leg arteries caused by PAD.
“PQ Bypass has developed a novel technology and procedure to address a true clinical conundrum in the treatment of long lesions from PAD. This technology has the potential to be the standard of care for the segment of PAD patients who, today, have to choose between either an open surgical treatment that lasts longer or less-invasive treatment options that potentially fail approximately 50% of the time. In addition to improving outcomes for patients, this has the potential to significantly reduce the cost burden of long lesion PAD,” Dr. Andrew ElBardissi of Deerfield said in a press release.
Last summer, PQ Bypass touted 12-month data from a trial evaluating its Detour percutaneous femoropopliteal bypass system.