Medtech company Xeltis has obtained an extra €12.5m ($13.68m) in funding from the European Commission’s (EC) European Innovation Council (EIC) Fund.
The final closing of the Series D2 financing round, which was announced in February this year, has led to a total fundraising of €44.5m ($48.7m).
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Xeltis is focused on the development of advanced implants that facilitate the natural formation of living and enduring vessels.
The additional funding will help advance the ongoing clinical development of Xeltis implants.
In April, Xeltis reported “encouraging” six-month data from its first-in-human trial for the aXess vascular graft.
The aXess is an implantable blood vessel designed for haemodialysis vascular access.
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By GlobalDataAn ongoing pivotal study for aXess is currently recruiting patients throughout Europe.
The EIC Accelerator funding will support the progression of Xeltis’ coronary artery bypass graft programme.
Xeltis CEO Eliane Schutte said: “Securing this additional investment from the EIC is an important validator of Xeltis’ work to enable a better standard of care for patients with major life-threatening diseases through our transformative vascular implants.
“We look forward to providing updates from our pivotal aXess trial in due course, with enrollment progressing well.”
In December 2021, Xeltis received €15m from the EIC Accelerator, which is a part of the EC’s Horizon Europe programme.
A total of €15m is made up of a €2.5m grant and a €12.5m equity investment from the EIC Fund.
The company has developed an endogenous tissue restoration platform which uses an advanced polymer implant to stimulate the regeneration of the patient’s own tissue.
As the implant is gradually absorbed, it creates new blood vessels, resulting in lasting tissue improvements.
