Stealthy Saphena Medical reported raising close to half of a $3 million planned offering toward development of a device designed to harvest veins for coronary artery bypass grafting.
The West Bridgewater, Mass.-based startup disclosed in a recent SEC filing that it has pulled in nearly $1.27 million so far, through the sale of Series B preferred stock.
Saphena hopes to raise $3 million, according to the filing.
Co-founders Pavilion Medical Innovations and STD Med announced in February 2014 that the fledgling startup secured $3 million in Series A funding designed to take Saphena’s OnePass endoscopic vein harvesting platform through regulatory clearance. OnePass gained the FDA’s 510(k) clearance in late July.
Pavilion, a Norwell, Mass.-based developer of medical technology companies, announced Saphena’s 2014 launch and initial fundraising. Pavilion founder Michael Glennon is Saphena’s president.
Co-founder STD Med is an original equipment manufacturer based in West Bridgewater.