NeuroVasc Technologies gets $34m funding from Wego Group

28 February 2020 (Last Updated February 28th, 2020 11:40)

NeuroVasc Technologies has secured $34m in funding from Wego Group to support its global clinical trial programme and product portfolio expansion.

NeuroVasc Technologies gets $34m funding from Wego Group
NeuroVasc’s novel stent-retriever is designed to treat acute ischemic stroke patients. Credit: NeuroVasc Technologies.

NeuroVasc Technologies has secured $34m in funding from Wego Group to support its global clinical trial programme and product portfolio expansion.

NeuroVasc focuses on novel catheter-based technologies for the treatment of neurovascular disease. The strategic partnership with Wego will enable NeuroVasc to launch a complete neurovascular platform to the market.

NeuroVasc CEO Jim Ma said: “Our growth is rapidly accelerating as a result of this partnership. We remain focused on delivering innovative technology that enables reproducible results, thereby helping physicians provide better outcomes for their patients”

Under the portfolio development strategy of NeuroVasc includes the launch of various tools to INR community to provide more comprehensive treatment options for patients suffering from stroke and other neurovascular diseases.

The worldwide neurovascular devices market for stroke alone is anticipated to grow from $2.5bn to $3.4bn by 2025. NeuroVasc expects to be a key player in the arena with its stroke solutions and product pipeline. across the world.

The worldwide neurovascular devices market for stroke alone is expected to grow from $2.5bn to $3.4bn by 2025. NeuroVasc expects to be a key player in the arena with its stroke solutions and product pipeline.

Proceeds from the $34m funding will be used for supporting clinical trials for its stent-retriever in all major markets including EU, US, Japan and China.

The device is intended to treat acute ischemic stroke patients.

Commenting on the partnership with NeuroVasc, Wego Group CFO XueFeng Wu said: “This is an exciting time to be partnering with a company dedicated to improving stroke and neurovascular therapies.

“NeuroVasc and Wego have partnered to execute a comprehensive development strategy including the commencement of several pivotal clinical trials around the world in 2020. This series of efforts we feel will bring huge social and commercial value.”

Wego Group and its subsidiaries develop and distribute a wide range of single-use medical devices including orthopaedic materials, blood purification consumables and equipment.