The medical device business R3 Vascular, located in Mountain View, CA, has secured $87 million in Series B investment.
Investors
- Affiliates of Deerfield Management
- 415 Capital
- a strategic investor
Use of funds
The business plans to utilize the money to finance the ELITE FDA IDE pivotal study for below-the-knee (BTK) PAD using MAGNITUDE®, a bioresorbable scaffold. Additional R&D, international regulatory filings, manufacturing process scaling, and early commercialization will all be facilitated by the investment.
Polylactic acid polymer with an ultra-high molecular weight is used to create the innovative bioresorbable scaffolds. The sirolimus coated scaffolds are made thinner, stronger, and more flexible even at extended lengths thanks to this polymer, the company’s stent design, and its exclusive manufacturing methods.
About R3 Vescular
R3 Vascular is a medical device company led by recently appointed President and CEO Christopher M. Owens. The company has developed a unique technology platform for fully bioresorbable vascular scaffolds coated with sirolimus, which are intended to provide the anti-inflammatory effects of sirolimus along with the scaffold’s “stent-like” support, but which will eventually “disappear” as the vessel heals.
