Artio Medical announced that it picked up an additional $28 million in an oversubscribed financing round.
The oversubscribed Series A2 and Series A3 financings bring the Prairie Village, Kansas-based company’s total amount raised in the round to $74 million.
According to a news release, Artio Medical plans to use the funds to support its U.S. commercialization efforts for its recently FDA-cleared Solus Gold embolization device, as well as to accelerate the development of its portfolio of products and expand its engineering and manufacturing capabilities.
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The company has 10 products under development for the peripheral vascular market, including Solus Gold and Solus Flex, both of which are embolization devices for peripheral vessel occlusion. It is also working on the Amplifi vein dilation system for preparing hemodialysis patients for successful arteriovenous fistula vascular access site creation.
Artio Medical also has four products for the neurovascular market under development, including its Endura embolization system with a detachable balloon and coils for treating saccular brain aneurysms.
“We would like to thank our existing investors for their continued strong support and also welcome a new group of investors to Artio,” Artio Medical VP of Finance and Business Operations Joseph McConnell said in the news release. “We have the opportunity to do something really special here, to bring a new generation of medical devices to market with the potential to save lives, reduce disability, and improve the quality of life for millions of people. This new capital will help Artio expand our team and scale our operations to deliver on that mission.”
