American medical device company Cardiva Medical has completed a $45m equity financing round to support the continued commercial expansion of its vascular closure systems.
The latest equity round was led by new investor EW Healthcare Partners.
The company’s existing investors, including affiliates of Luther King Capital Management, PTV Healthcare Capital and Evidity Health Capital, also participated in the round.
As a part of the deal, EW Healthcare Partners’ operating partner Robert White has joined Cardiva’s board of directors.
Cardiva Medical President and CEO John Russell said: “This financing further validates our mission to transform vascular closure for the millions of patients undergoing catheter-based electrophysiology and cardiovascular procedures and enables us to deploy additional capital to further our growth.
“We are also excited to welcome Bob, a leader in the medical device industry, to our board of directors and thank each of our existing investors for their continued support.”
Commenting on the development, White said: “We believe in Cardiva’s vision and in the ability of the VASCADE technology platform to address the key clinical and economic challenges related to the millions of procedures performed each year that require vascular access site closure.
“I look forward to working with the team at Cardiva to expand access to VASCADE technology and to accelerate the company’s growth.”
In addition to the commercial development of its vascular closure systems, the company plans to use the proceeds from the round to support its other clinical and operational initiatives.
Cardiva’s VASCADE vascular closure system was granted PMA-approval by the Food and Drug Administration (FDA) in 2013. The system is used for vessel closure, following 5-7F arterial and venous procedures.
VASCADE MVP Venous vascular closure system is used for electrophysiology procedures. The device obtained FDA PMA-approval in 2018.