Vivasure Medical, which is developing a sutureless method of closing percutaneous vessels, snapped up $18.3 million in Series C financing. The company, based in Galway, Ireland, said it will use the funds to support efforts to commercially launch its PerQseal technology in Europe and begin an FDA study to eventually enter the U.S. market.
The funding round was led Life Sciences Partners of The Netherlands through the group’s investment arm, LSP Health Economics Fund. The round was co-led by Evonik Venture Capital of Germany, along with Panakes Partners of Italy. Also supporting the round was Fountain Healthcare Partners of Ireland, which was a Series A and B investor.
Vivasure’s closure device received a CE Mark in January, and is touted as the first fully bioabsorbable, sutureless and entirely synthetic option to close large-bore arteriotomies that result from percutaneous transcatheter procedures like transcatheter aortic valve replacement (TAVR) and endovascular abdominal aortic aneurysm repair (EVAR), the company said.
“Patients with aortic valve stenosis, abdominal aortic aneurysms and other serious conditions are increasingly treated with minimally invasive percutaneous procedures,” Gerard Brett, Vivasure’s CEO, said in a statement. “The Vivasure closure device is designed to be easy to use, allowing the surgeon and interventional physician to provide a complete repair at the access site, without leaving metal implants, sutures, or exogenous tissue behind.”
In clinical studies conducted in four European countries, the device notched a 97% success rate. The company said long-term follow-up data has been collected to 12 months postprocedure. It forecasts the global market for large arteriotomy closure devices could hit and surpass the $500 million mark by 2021.
In August, InSeal Medical won a CE mark for its vascular closure device, used to seal large bores left by catheter-based procedures, such as TAVR.
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