New Jersey-based Svelte Medical plans to accelerate regulatory efforts for its interventional cardiology products thanks to a new $5 million investment from West Health Investment Fund.
West Health’s infusion adds to the $22 million that Svelte raised last year and brings the company’s new total to $70 million raised since 2007. Svelte hopes to use the money to made progress in pursuits of regulatory wins in the U.S. and Japan for its Integrated Delivery System, according to a company statement.
Svelte’s IDS is comprised of a wire, balloon and stent together in what the company claims is the lowest-crimped-stent profile on the market. The device has been associated with major reductions in overall procedure time as well as lowered costs compared with conventional coronary artery stenting.
"The addition of the West Health Investment Fund to our current investors validates the important work we are doing to bring new technology to the interventional cardiology market that improves outcomes while reducing procedural complexity and cost," president & CEO Jack Darby said in prepared remarks. "With 0% clinically-driven MACE in our 1st-in-man drug-eluting stent study now reported through 20-months, we are excited about the positive impact our technology will have on interventional cardiology."
Svelte in January 2013 launched a head-to-head trial comparing its drug-eluting stent to Medtronic‘s (NYSE:MDT) Resolute DES. The company plans to release the results of that Direct II Phase II clinical trial later this year.