Transverse Medical announced that it completed its Series B2 financing round worth more than $10 million in new capital.
Denver-based Transverse brought in its funding from its legacy lead investor, a large, sophisticated family office. The round also included participation Series B1 investors.
Transverse expects to use funds to support the continued clinical validation of its Point-Guard cerebral embolic protection (CEP) device. It has the device in an active feasibility clinical study at Victorian Heart Hospital in Melbourne, Australia. Funds will also support the continued development of the proprietary platform.
Additional uses include expanding operational infrastructure and growing engineering, regulatory, quality and operating teams. The company said it looks to grow as it works toward pivotal trials and an FDA investigational device exemption submission.
Transverse designed Point-Guard to provide maximum protection against periprocedural stroke and brain ischemia during transcatheter procedures like transcatheter aortic valve replacement (TAVR). It prevents embolic particles from reaching the brain and providing a solution for full brain protection.
The next-generation Point-Guard could accommodate variable arch anatomies with non-interference and full aortic arch stabilization, too.
“This successful raise marks a significant milestone for Transverse Medical and reflects strong investor confidence in our technology and mission,” said Eric Goslau, president, CEO and co-founder of Transverse Medical Inc. “We are now well-positioned to accelerate the development of our Point-Guard Protected™ solution and bring meaningful innovation to patients undergoing complex cardiovascular and structural heart procedures where there is an increased risk of embolic debris and potential for stroke and brain ischemia.”
