Aptus Endosystems pulled in $25 million in new funding, the Sunnyvale, CA maker of endovascular aneurysm repair devices disclosed. Executives will use much of the new cash to advance the product pipeline and boost marketing efforts for the company's HeliFX aortic securement system in the U.S. and Europe, which already has regulatory clearance in both places.
Additional plans also call for using the Series BB financing infusion to further develop the HeliFX product for new aortic aneurysm treatment indications and expand the patient population that could use the device. Separately, the company will also launch a U.S. clinical trial for its Fortevo abdominal aortic aneurysm endograft system in advance of a PMA application with the FDA. Fortevo already has the CE mark in Europe, so Aptus will expand commercialization plans for the product overseas in the interim.
New investor Synergy Life Science Partners led the latest round, which also included existing investors U.S. Venture Partners and Longitude Capital Management. Synergy's involvement also includes personnel: Synergy partner Mudit K. Jain will join Aptus' board of directors.
Aptus president and CEO James Reinstein says in a statement that he expects the company to approach profitability as it expands marketing efforts for HeliFX "in targeted markets" and also launches new aortic repair products.
Aptus estimates more than 1.5 million Americans have abdominal aortic aneurysms, with 200,000-plus people newly diagnosed each year. The condition can become quite serious, even life-threatening without treatment, as the large blood vessel supplying blood to the abdomen, pelvis and legs balloons outward, becoming unusually large. Competitors in the AAA space include Medtronic ($MDT), which just rolled out the Endurant II AAA stent graft system.
- read the release
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