Neurovascular device maker Rapid Medical said today it closed a $9 million Series B round of financing to support its minimally invasive stroke treatment and prevention devices.
Rapid Medical produces the Tigertriever revascularization device and Comaneci adjustable remodeling mesh designed for neurovascular use, the Israel-based company said.
The company touted the Tigertriever as the only controllable, fully-visible stent retriever which can be adjusted by the physician to fit in the dimensions of the blocked blood vessel and the Comaneci as the 1st-ever controllable, fully-visible aneurysm neck-bridging mesh device which doesn’t require parent vessel occlusion.
Financing in the round was led by BRM Group and Shanghai-Israel Investment Fund and joined by Winnovation and Gefen Capital, Rapid Medical said.
Funding in the round will go to support pursuit of FDA regulatory clearance and advanced European commercializaion of both devices. Funds will be used to support the initiation of the company’s Tiger clinical trial, which is slated to begin enrolling patients next year in the US, Europe and Israel during the 1st half of 2018.
“This significant financing round by leading global VC’s is an important milestone in the life of Rapid Medical giving the company the financial strength needed to exploit the huge opportunity in the stroke treatment market. The global basis of our investors adds to the strength of the company and will enable us to expand our presence in this exciting market,” co-founder & chair Dr. Shimon Eckhouse said in a press release.
As part of the financing round, Rapid Medical said that Alon Maor, Dr. Qu Liefeng and Barak Ben Eliezier will join its board of directors.
“Stroke is the last frontier in vascular medicine. We have been searching for some time for a company with products that could potentially provide patients with dramatically improved outcomes. Rapid Medical’s Tigertriever and Comaneci devices which are based on a profound underlining technology and the excellent feedback we received from the market convinced us that the company is poised to become a leader in the neurovascular field. In addition, we were highly impressed with the team and with their commercial achievements in this rapidly growing market,” BRM partner Maor said in a prepared statement.
