US-based privately held commercial-stage medical device company Cerus Endovascular has raised $19m in a Series B financing from institutional investors.
Proceeds from the Series B round will enable the company to implement its go-to-market strategy and expand its product portfolio.
Its product portfolio includes the recently CE marked Contour Neurovascular System for the treatment of intracranial aneurysms.
Cerus Endovascular chairman Sam Milstein said: “We are grateful to our new and existing investors for their confidence in the company, as well as to our remarkable and dedicated team of skilled professionals, led by company president, Dr Stephen Griffin, all of whom have been instrumental in bringing us to this important inflection point.
“As a result, we are now in a position to execute on our commercial and product development programs and have ample working capital to see us well into 2021. As reported earlier this week, during the upcoming second quarter, our European Union sales and marketing team will begin rolling out the Contour Neurovascular System in carefully selected target markets, where we have regulatory approval.”
Meanwhile, Cerus Endovascular secured the US Food and Drug Administration (FDA) approval for its first microcatheter. The company intends to begin sales towards the second quarter of 2020.
Commenting on the FDA approval of the microcatheter, Cerus Endovascular president Stephen Griffin said: “Receipt of FDA approval for our 021 microcatheter, offered with three different distal configurations, represents the achievement of yet another key milestone for the company.
“Going forward, we will be developing additional microcatheters of various dimensions in order to ensure that we offer interventional neuroradiologists a comprehensive selection of instrumentation to meet their needs.”
The company secured an additional patent, which supports the intellectual property status of Contour Neurovascular System and Neqstent in intrasaccular embolisation segment.
Contour Neurovascular System consists of fine mesh braid and targets the aneurysm neck, away from the vulnerable aneurysm dome.
Neqstent Aneurysm Bridging Device is an implant device for use in combination with conventional embolic coils for endovascular embolisation of bifurcated saccular intracranial aneurysms. It is currently proceeding through the regulatory process and a clinical trial is presently enrolling patients.