Shape Memory Medical said today it raised $18 million in a closed Series B preferred stock offering to support its polymer embolization devices.
The Santa Clara, Calif.-based company said it is developing and commercializing polymer embolization devices based on a proprietary shape memory polymer it has licensed from Texas A&M University and the Lawrence Livermore National Laboratory.
The round was led by HBM Healthcare Investments and joined by current investors including affiliates of Wexford Capital and HBM-Medfocus funds as well as newly invested Emergent Medical Partners, Shape Memory said.
“We are excited that this financing will allow Shape Memory Medical to move our Impede peripheral and TrelliX neurovascular embolization products forward. This additional investment in our company will allow us to continue seeking regulatory approvals and clinical use of our peripheral embolization devices, and continued development of our neurovascular coils. We are very encouraged by the response of physicians to our prospective products, which we believe will provide superior clinical benefits compared to current technologies, based on preclinical testing,” prez & CEO Ted Ruppel said in a press release.