Medical device company R3 Vascular has successfully closed an $87m Series B financing round led by affiliates of Deerfield Management, to support a trial of its bioresorbable scaffold, MAGNITUDE.

The financing round saw participation from existing shareholders, including 415 Capital and a strategic investor.

 R3 Vascular’s ELITE FDA IDE pivotal trial will assess MAGNITUDE to treat below-the-knee (BTK) peripheral arterial disease (PAD).

The company also plans to use the funding to support additional research and development, regulatory submissions worldwide, advance manufacturing processes and initial commercialisation.

MAGNITUDE is a next-generation bioresorbable scaffold intended to meet the needs of patients suffering from chronic limb-threatening ischemia due to BTK PAD.

The company’s bioresorbable scaffolds, crafted from an ultra-high molecular weight polylactic acid polymer, are designed to be thinner, stronger, and more flexible.

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Concurrently, R3 Vascular has named Christopher Owens as the new president and CEO.

With an extensive background in the medical device industry, Owens takes over leadership from founder Kamal Ramzipoor, who transitions to the role of chief technology officer (CTO).

Owens’ experience includes leadership roles at Gynesonics, IDEV Technologies, MicroVention, and Bausch & Lomb‘s Surgical Division.

Owens said: “R3 Vascular’s novel bioresorbable scaffolds encompass a world-class polymer and scaffold design that drives significant next-generation advantages with our technology.

“This, accompanied by our unparalleled scalable and flexible manufacturing processes and capabilities, contribute to the company’s mission to further improve the treatment and outcomes for patients suffering from PAD.

“This significant financing is also a testament to the belief in our evolutionary bioresorbable scaffold technology to provide treatment for this significant and growing problem of below-the-knee PAD.”

Furthermore, David Neustaedter and Michael Hurley from Deerfield Management will be joining R3 Vascular’s board of directors as part of the financing agreement.