Ireland-based Vivasure Medical said today it raised $18.3 million (EU €16.2 million) in a Series C round of financing, with funding slated to support the European commercialization of its PerQseal technology platform.
The Series C round was led by Life Sciences Partners of The Netherlands, invested from its LSP Health Economics Fund, and was co-led by Evonik Venture Capital and Panakes Partners. The round was also joined by returning Series A and B investors led by Ireland’s Fountain Healthcare Partners.
“Patients with aortic valve stenosis, abdominal aortic aneurysms and other serious conditions are increasingly treated with minimally invasive percutaneous procedures. The Vivasure closure device is designed to be easy to use, allowing the surgeon and interventional physician to provide a complete repair at the access site, without leaving metal implants, sutures, or exogenous tissue behind. Our goal is to facilitate improved therapeutic results for patients over the open-surgery alternative, faster recovery times, and cost savings for the healthcare system,” CEO Gerard Brett said in prepared remarks.
Funds from the round will go towards supporting the commercialization of PerQseal tech and to support an FDA regulatory study as the company seeks regulatory clearance.
“We are excited to support this innovative company and its vision of improving outcomes for patients as it moves into commercialization in the European Union and enters the United States. We look forward to working closely with Vivasure as the company continues to work toward gathering more data through clinical studies that will facilitate expansion of adoption in European markets and drive U.S. approval and commercialization of its first product,” LSP partner Anne Portwich said in a press release.
The company won CE Mark approval in the European union for its bioabsorbable percutaneous vascular closure device for large-bore femoral arteriotomies based on the PerQseal platform in January.
The closure device is the 1st from the company’s PerQseal platform, and Vivasure claims its the only approved bioabsorbable, sutureless synthetic option to close large arteriotomies that result from percutaneous transcatheter procedures.
The closure device includes a delivery system and single-use patch-like device, the company said. Approval came based at least partially on clinical studies which reported 97% device technical success with no major device-related complications.
The device is designed to close arteriotomies, or punctured holes in vessels in the groin used during catheter based procedures. Vivasure’s device provides an alternative to traditional repair via suture.