Early stage medical device developer Cardiovate has closed a $1 million seed round to help support research and development for a scaffold the company claims can help regenerate vascular tissue, according to an Xconomy report.
The Texas-based company, formed in 2012 by a student and two University of Texas in San Antonio, is developing the NeoVessel, designed to replace portion of clogged blood vessels and encourage new tissue regeneration, according to the report.
Cardiovate hopes its product will replace other treatments, including synthetic stents and grafts, and claims that its graft also dissolves after encouraging tissue growth, Xconomy reports.
“We get cell attachment, we get cell proliferation and then ultimately, we regrow a new blood vessel. That is our goal,” CEO Mark Stanford said, according to the report.
The funding was joined by capital firm Targeted Technology, The University of Texas Horizon Fund and angel investors from the state.
Funds raised in the offering will be used to redesign the device and pay for an upcoming study, which looks to evaluate its performance over six months. Cardiovate has already completed two 3-day studies, paid for with a grant from the National Science Foundation, according to Xconomy.