Vivasure Medical announced that it closed the first tranche — worth $23 million — of its Series D financing round.
Galway, Ireland-based Vivasure’s $23 million (€22 million) fundraising tranche could make up a chunk of the Series D that could reach up to $54 million (€52 million) in total.
According to a news release, an unnamed multi-national strategic corporation led the financing, which includes an option to buy the company upon certain milestones. Other participants included a second unnamed strategic corporate investor and existing investors Fountain Healthcare Partners, Orchestra BioMed, LSP Health Economics Fund managed by the EQT Life Sciences team, Panakès Partners and Evonik Venture Capital.
RELATED: Inovus Medical Closes $7 Million Investment Round
The funds will be used to support the U.S. and European clinical development and regulatory processes for the company’s portfolio of fully absorbable, patch-based, large-bore percutaneous vessel closure devices for transcatheter endovascular and cardiovascular procedures.
Vivasure develops the PerQseal and PerQseal+ platforms for arterial closure, as well as the PerQseal Blue system for venous closure.
The company said PerQseal represents the first sutureless and fully absorbable synthetic implant for large-bore arterial vessel punctures. It is available for use in Europe in transcatheter endovascular procedures, including transcatheter aortic valve replacement (TAVR), thoracic endovascular aneurysm repair (TEVAR) and endovascular abdominal aneurysm repair (EVAR).
Vivasure’s next-generation PerQseal+ has an enhanced bioabsorbable patch designed to address more complex patient anatomies and is currently under clinical evaluation in Europe and the U.S.
“This funding represents an important milestone for our company that will help to further advance our portfolio of novel PerQseal sutureless and fully absorbable vessel closure devices in the U.S. and Europe,” Vivasure CEO Andrew Glass said in the release. “We are encouraged by early clinical progress from leading heart centers participating in studies currently underway for PerQseal+ and PerQseal Blue, and we look forward to initiating a U.S. pivotal study for PerQseal+ later this year that will support our submission to the FDA.”
