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.
Cardiosolutions Inc. landed about half of what it hopes will amount to a $6.5 million fundraising round, pulling in $3.3 million from eight un-named investors, according to a regulatory filing.
The Stoughton, Mass.-based company is a spinout from contract manufacturer STD Med, which early last year bought a new, 32,000-square-foot cleanroom to house Cardiosolutions and sister firm Spirus Medical Inc.
Stoughton, Mass.-based STD Med Inc. won $43,000 in workforce development funding from Massachusetts.
The grant is part of $1.3 million in workforce training funds for Bay State.-based companies announced by Gov. Deval Patrick April 27.
STD Med Inc. is expanding its footprint outside of its Stoughton, Mass., base with the acquisition of a 32,000-square-foot facility in West Bridgewater.
The contract manufacturer said it will build a clean room facility in the space and hire 50 new workers over the next three years. It is slated to open this summer.
Citing founder Primo Tallarida’s recipe for success (“hard work, the American Dream, and luck sure doesn’t hurt”), STD Med president Steven Tallarida said the company is pleased to be expanding in spite of difficult economic conditions.