Nectero Medical announced it closed a Series D financing round worth proceeds of $96 million. Norwest Venture Partners led the round. Boston Scientific, BioStar Capital, Cadence Healthcare Ventures, Aphelion Capital and other firms contributed large investments. Funds add to a $19.5 million Series C — for which Boston Scientific led the round — closed in 2021.
The Tempe, Arizona-based company plans to use funds to accelerate its Phase II/III stAAAble trial. Nectero also plans to use the money to support the submission of an FDA new drug application for its Nectero EAST system.
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Nectero designed its endovascular aneurysm stabilization treatment (EAST) system to treat patients with abdominal aortic aneurysm (AAA). These AAAs have a maximum diameter of 3.5 cm to 5 cm. EAST features a dual-balloon delivery catheter and stabilizer mixture containing pentagalloyl glucose (PGG). It delivers PGG locally into the aneurysmal wall where it binds to elastin and collagen. This strengthens the aortic vessel wall and potentially reduces the risk of further degradation.
The procedure requires no specialized tools and takes less than an hour to complete. It leaves behind no permanent implant and doesn’t preclude any future interventions. Nectero received FDA fast track designation for EAST last August.
Upon completion of the Series D financing, Dr. Zack Scott, of Norwest Venture Partners, and Dr. Alan Davis, of BioStar Capital, joined the Nectero Medical board of directors.
“We are pleased to have raised the funds required to complete the necessary work to bring our potentially transformative technology to market,” said Jack Springer, president & CEO, Nectero Medical. “In addition, we are fortunate to add two highly knowledgeable and extremely insightful members to our already strong and accomplished board of directors.”
