Silk Road Medical today said it reeled in a $57 million equity-and-debt round from a group of new and existing backers.
Sunnyvale, Calif.-based Silk Road, which makes the Enroute transcarotid artery stent and neuroprotection system, said CRG led the debt round and participated in the equity portion, joined by prior investors Warburg Pincus and The Vertical Group.
“The strength of this financing is a testament to the large opportunity we have to solve unmet clinical needs and lead the next endovascular revolution with TCAR,” CEO Erica Rogers said in prepared remarks. “Our proprietary advances in temporary, robust flow reversal technology and transcarotid catheter designs help physicians treat this unforgiving disease in a minimally invasive manner with low risk of procedural complications like stroke, heart attack and nerve injury. We are thrilled to welcome CRG as a new investor and grateful for the continued support of our existing investors.”
Silk Road said it plans to use the proceeds to continue the controlled U.S. launch of the Enroute devices and back its ongoing registry trial, Roadster2. The company also plans to being expanding internationally, the company said. Earlier this month Silk Road launched the Enroute transcarotid stent in the U.S.
“Carotid artery disease is the last frontier in vascular medicine,” added Warburg Pincus healthcare managing director Bess Weatherman. “Until Silk Road, we had yet to see a minimally invasive technology that could stand up to the challenge of this disease. The company’s paradigm-shifting technology platform is led by an accomplished management team with the support of world-class physicians who are together modernizing carotid artery repair for the benefit of patients. Following Silk Road’s outstanding clinical results, we are excited to continue partnering with the team to bring this faster, safer, less invasive and more effective neurovascular procedure to market.”