Nectero Medical Completes $19.5 Million Series C Financing

Nectero Medical Completes $19.5 Million Series C Financing




Nectero Medical Completes $19.5 Million Series C Financing

Proceeds from new investors will fund in vivo and clinical development of innovative platform for aneurysmal disease, including Abdominal Aortic Aneurysms (AAA)

TEMPE, Ariz.–(BUSINESS WIRE)–#AbdominalAorticAneurysmsNectero Medical Inc. today announced the closing of its $19.5 million Series C financing round, led by new investor Boston Scientific Corporation, a leading global medical device manufacturer. Proceeds will support the company’s in vivo and clinical trials to develop a potentially disruptive treatment platform that stabilizes small- to mid-sized aortic aneurysms by significantly reducing their growth rate.

Nectero’s initial application, the Endovascular Aortic Stabilization Treatment (EAST), has demonstrated impressive early clinical results suggesting the potential to dramatically inhibit AAA disease growth. The EAST system is expected to prevent rupture and inhibit further degradation of the aortic tissue with a simple, one-time catheter-based procedure that locally delivers a proprietary compound. The EAST system is now treating AAA patients in a multi-site Phase 1 safety study. By significantly reducing the growth rate and stabilizing the aneurysm tissue, the EAST system is expected to prevent aneurysmal rupture with a minimally invasive treatment that leaves no implant behind.

“For small- to mid-sized aneurysms, ‘active surveillance’ is the current standard of care,” said Jack Springer, CEO of Nectero Medical. “Unfortunately, these patients are not without risk of rupture, yet they are not eligible for treatments with surgical repair or endovascular grafts due to complications associated with these procedures. We expect our EAST system to satisfy this compelling unmet clinical need.”

“We are excited by the momentum Nectero Medical has created,” added Bruce Roberts, Chairman of Nectero’s board of directors. “Until now, there has been no success in developing treatments for patients with early to mid-sized aneurysms — yet these patients face the dire risk of rupture and, when that happens, will find themselves requiring a very invasive procedure with significant long-term risks. The EAST system may offer new hope to these ailing patients.”

“An early treatment for AAA disease, such as Nectero’s EAST system, would be a major medical achievement,” said Venkatesh Ramaiah, MD, FACS, Adviser for Nectero. “Sadly, more than 15,000 patients die each year in the United States from ruptured aneurysms, and many thousands more lead a suboptimal quality of life with lifelong surveillance. We have yet to develop a technology that stabilizes or inhibits the growth of these aneurysms. Nectero’s low-risk vascular procedure will provide this option for patients who otherwise are relegated to ‘active surveillance’ as well as for contraindicated patients who are too sick or otherwise not qualified to undergo surgery for AAA disease.”

Other potential applications of the Nectero technology platform include complementary and additional large markets such as: Thoracic Aneurysms, Aortic Dissections, Neurovascular Aneurysms, as well as Cardiovascular and Connective Tissue Disorders.

Contacts

Jack Springer, CEO, jspringer@necteromedical.com