Vascular Therapies announced that it closed an upsized private funding round worth more than $17 million with contributions from new and existing investors.
The Cresskill, N.J.–based clinical-stage biopharma company originally targeted $15 million for the financing, but finished with a total of $17.3 million raised.
Vascular Therapies intends to put the proceeds toward the advancement of its proprietary Sirogen product, according to a news release. Sirogen is a sirolimus formulation designed to be used in intraoperative, local, perivascular drug delivery.
The company expects the financing to combine with existing resources to fund the company through 2020. Vascular Therapies anticipates that it will also now have sufficient capital to complete data gathering and analysis from its U.S. Phase 3 randomized clinical trial for Sirogen, as it seeks to complete the development and testing of the product.
“I’m delighted to announce the completion of our private financing, which funds the company through 2020,” Vascular Therapies CEO John McDermott said in the news release. “Vascular access is an important unmet medical need with high failure rates contributing to overall poor outcomes for hemodialysis patients. We believe Sirogen has the potential to reduce vascular access complications, which would lower costs and provide improved outcomes for patients with kidney disease.”