Cardiva Medical raised $30 million in equity, which will bankroll the commercial expansion of its bioabsorbable vascular closure system and advance technologies in its pipeline.
The company’s Vascade closure system picked up an FDA nod in 2013. Built on Cardiva’s collapsible disc technology, the system temporarily stops blood flow in the femoral artery during percutaneous intervention. It then delivers a resorbable collagen patch to seal the hole made in the artery without needing any intravascular components.
Vascular closure devices are an alternative method to manual compression, where a physician or nurse will apply pressure with his or her fingers directly over the site of the puncture. While effective, manual compression may take as many as 15 minutes to stop bleeding, according to The Royal Australian and New Zealand College of Radiologists.
Vascade’s PMA approval was based on a 420-patient trial in which the device beat out manual compression in both safety and efficacy for patients receiving percutaneous procedures through the femoral artery.
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"Vascade has demonstrated an unprecedented safety profile for patients—which is fueling Cardiva's rapid growth rate," said Michael Bornitz of Luther King Capital Management, a new investor that participated in the round. "We are excited to be part of that growth story and the expansion of Cardiva's technology into new areas."
Existing backers PTV Healthcare Capital and the Canepa Advanced Healthcare Fund joined Luther King Capital Management in the round.