Vascular Closure Systems, Inc. is pleased to announce that it has recently secured initial corporate funding. The proceeds from the funding will be used to accelerate the development of the company's core technology and to support regulatory activities.
PALO ALTO, Calif. (Business Wire EON) October 23, 2007 -- The company's technology is based on several issued and pending patents, and has been engineered to be easier to learn, easier to use and more cost effective than current vascular closure systems. Versions of our system include bioabsorbable, removable/temporary use and permanent sealing element designs. Our system does not require a second device (deployment or infusion) to be inserted/reinserted into the puncture site. Additionally, the closure system may be packaged already loaded onto a vascular introducer, catheter, guide catheter, guide wire, etc.
There are more than 12 million endovascular procedures performed annually which require percutaneous access, primarily through the femoral artery. These vascular access punctures require rapid closure and careful management immediately following the procedure. The overall market for vascular closure is estimated to be over USD$2 billion. Due to an aging population and an increase in cardiovascular diseases, the catheter-based endovascular procedures market continues to grow. The growth rate of the vascular closure market is estimated at 10% to 15% annually. The current market is estimated to be only 30% to 35% penetrated.
About Vascular Closure Systems, Inc.
Vascular Closure Systems, Inc. is a privately held medical device company, focused on the development and commercialization of the next generation vascular access closure technology for the interventional cardiology market. The company is comprised of several seasoned medical device professionals and world class physicians, with a proven record of innovation, clinical acumen, access to the industry and successful commercialization of multiple medical device technologies.
Additional information is available at www.vclosure.com.