Silk Road Medical said today it raised $47 million in a new funding round to support its Enroute products designed for transcarotid artery revascularization procedures.
The round was led by newly invested Norwest Venture Partners and Janus Capital Management funds and joined by existing investors Warburg Pincus, The Vertical Group and CRG, the Sunnyvale, Calif.-based company said.
Silk Road’s Enroute neuroprotection system is designed to allow physicians direct access to the common carotid artery in the neck to initiate high rate temporary blood flow reversal to protect the brain from stroke during implantations of its Enroute transcarotid stent.
“TCAR represents one of the next potential multi-billion dollar medical device markets, and Silk Road is eponymous with the category with a sustainable advantage. With 13 million ischemic strokes occurring annually and carotid artery disease the culprit in up to one third of cases, the opportunity for TCAR is tremendous,” Janus Henderson Investors’ Ethan Lovell said in a prepared statement.
“Our syndicate of investors speaks to the global standard of care potential for TCAR and our commercial success to date. With this financing we will continue to build our commercial footprint and momentum in the United States and enter new markets abroad. We are delighted to have such strong financial support as we work to solve unmet needs through innovation, including other transcarotid applications of our intellectual property in acute ischemic stroke and aortic valve disease,” Silk Road Medical CEO Erica Rogers said in a press release.
As part of the financing round, Norwest Venture Partners’ Dr. Robert Mittendorf will join the company’s board of directors, Silk Road Medical said.
“The team at Silk Road has created a category-defining medical procedure that has the potential to transform the treatment of carotid artery disease, which is a major cause of stroke. TCAR is an elegant, patient-friendly approach that has really resonated with physician leaders in the field. I have followed the company and its progress for years and have been pleased to see their rapid FDA approvals and favorable reimbursement decisions. I look forward to joining the board as we work to improve the treatment of this disease,” Mittendorff said in a prepared release.
Last December, Silk Road released data from 2 studies of its Enroute transcarotid neuroprotection and stent system, including 1-year data from a pivotal trial of the device and an interim analysis of a post-approval study of the Enroute.