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Texas stent-maker Palmaz Scientific raises $26.3M

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Texas stent-maker Palmaz Scientific raises $26.3M

Palmaz Scientific is nearing the close of its $30 million funding bid, with just $3.7 million needed to close the round, according to regulatory filings.

The company revealed in an SEC document that it raised $26.3 million from 261 unnamed investors, with as much as 10% of the take going to cash commissions for its placement agents.

The Texas stent-maker didn’t specify how it plans to use the funds, but did note that the money was not raised in conjunction with business transaction, such as a merger or acquisition.

Palmaz, launched in 2008, calls itself "the first and only company positioned to develop and manufacture a new generation of all metal micromesh covered stents for the cardiovascular market."

The company’s focus is on nanotechnologies that leverage the way tissues and blood interact with implanted medical prosthetics at the molecular and atomic level. Palmaz holds nearly 120 U.S. and international patents, according to its website.

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