Cagent Vascular Raises $30 Million Series C Financing
Funds will be used to accelerate US market adoption and to expand the product portfolio of the first and only Serration Angioplasty Technology
Cagent Vascular, Inc., a rapidly growing commercial stage medical device company, today announced a Series C Financing close in excess of $30M. U.S. Venture Partners (USVP), led the round. Participation included new investor Blue Ridge Medical, LLC and existing investors, including Sectoral Asset Management.
“We are pleased with the significant investment from U.S. Venture Partners and other new and existing investors. To date, we estimate that over 10,000 Serranator PTA Serration Balloon Catheters (Serranator) have been used to treat those suffering from Peripheral Artery Disease (PAD). This infusion of capital will increase our commercial reach, helping to provide greater access for healthcare providers and their patients,” stated Carol A. Burns, CEO.
USVP is a leading Silicon Valley venture capital firm in Menlo Park, CA. “At US Venture Partners, we understand the challenges facing PAD patients and are keenly aware of the need for innovation for this vulnerable patient population. As we reviewed the impressive clinical data and spoke to physicians about their patient outcomes, it was clear that Serration Angioplasty is truly innovative. This was further underscored by the strong early commercial success driven by the exceptional team at Cagent Vascular,” said Casey Tansey, General Partner, US Venture Partners.
About Serranator
The Serranator PTA Serration Balloon Catheter (Serranator) has three embedded serrated elements designed to modify the plaque by creating linear, interrupted scoring along the endoluminal surface to aid arterial expansion. The Serranator’s unique mechanism of action has demonstrated greater lumen gain than plain angioplasty balloons. Increased lumen gain results in restored blood flow to the foot, leading to wound healing and relief of symptoms.
A recently published study in the Journal of Endovascular Therapy1 compared the degree of elastic recoil, a dramatic loss of lumen gain that occurs within 15 minutes of treatment, in Serranator-treated versus plain balloon in below-the-knee lesions. These unique results demonstrated 55% mean elastic recoil in the plain balloon group versus just 6% in the Serranator group. These data indicate a potential significant improvement for people with Chronic Limb Threatening Ischemia (CLTI), the most advanced stage of peripheral artery disease (PAD), where arteries are prone to elastic recoil post- treatment, reducing blood flow.
The Serranator has received FDA 510k Clearance and is intended for dilatation of lesions in the iliac, femoral, iliofemoral, popliteal and infrapopliteal arteries for the treatment of obstructive lesions of native or synthetic arteriovenous dialysis fistulae. The product is currently being sold in the US. The Serranator device also has CE Mark and limited distribution in Europe.
