Arstasis draws $38M in new financing

In these challenging economic times, the fact that Arstasis filed plans to seek $51.2 million in new funding is certainly ambitious. But the California maker of vascular access devices has almost reached its goal. According to a regulatory filing, the company already pulled in $38 million.

Further details about the ongoing funding round are unavailable. FierceMedicalDevices unsuccessfully tried to reach Arstasis for comment before deadline.

Launched in 2004, the Redwood City enterprise is now led by David Bruce, who joined Arstasis as CEO in November of 2011, according to the company's website. He's a veteran Siemens Medical executive and previously led EP MedSystems (among other previous jobs), which made electrophysiology equipment and catheters and is now owned by St. Jude Medical ($STJ).

The company hasn't always faced smooth sailing for its products. Back in February of 2011, the FDA disclosed that it issued a Class I recall for Arstasis' One Access system, which is used during femoral artery procedures for blood vessel access and also to stop bleeding. Regulators took action following reports that the device components might separate during procedures.

- read the regulatory filing
- check out the San Jose Business Journal's take