France-based medical device company Gradient Denervation Technologies has secured €14m ($15m) in a Series A funding round to advance the clinical development of its ultrasound-based catheter device.
The financing round was led by venture capital company Asabys Partners through its new fund, Sabadell Asabys II, with Thuja Capital and founding investor Sofinnova Partners taking part.
Gradient also plans to use the investment to progress the assessment of its catheter to treat pulmonary hypertension.
In the initial stage, the catheter will be developed for the Group 2 population, or people with heart failure with associated high pulmonary vascular resistance.
A minimally invasive device, the ultrasound-based catheter can be used in the pulmonary arteries and leverages therapeutic ultrasound energy to carry out the denervation procedure.
Established in 2020, Gradient received seed funds worth €3.5m from Sofinnova MD Start, a medtech accelerator of venture capital corporation Sofinnova Partners.
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The company launched the first-in-human clinical trial of the device, enrolling the first subject in June 2023.
Gradient Denervation Technologies CEO Martin Grasse said: “I’m very happy to welcome Asabys Partners and Thuja Capital to the Gradient team.
“In addition to capital, these investors bring deep expertise and thought partnership to Gradient as we seek to bring our technology to patients.”