Svelte Medical Systems today said it plans to use the $16 million it just raised to commercialize its wrist-delivered stenting technology.
New Providence, N.J.-based Svelte said the round involved current investors and was led by CNF Investments, the West Health Investment Fund and New Science Ventures.
The company said it plans to use the proceeds to commercialize its drug-eluting coronary stent-on-a-wire Integrated Delivery System and Rapid-Exchange platforms in Europe during the 2nd half of the year. Richard Dakers, co-manager of the West Health Investment Fund, is slated to join Svelte Medical’s board. The fund participated in a $5 million round for Svelte last year.
"This is an exciting time for Svelte," president & CEO Jack Darby said in prepared remarks. "It has been more than 20 years since the last innovation in drug-eluting stent delivery, and we thank our investors for providing us with the support necessary to bring our technology to market. The ability of our technology to facilitate transradial and ‘slender’ interventions, while extracting procedure time and cost, will benefit patients, physicians and payors.”
Last month Svelte said it plans to join forces with Japan’s Asahi Intecc (TYO:7747) to manufacture and co-brand the Svelte IDS using Asahi’s wire tip technology.