Paris-based medical technology company LimFlow has secured $40m funding to commercialise its deep vein arterialisation system.

The Series D funding round saw participation from new investors Longitude Capital, and Soleus Capital Management along with an undisclosed strategic investor and existing investors of the company.

The proceeds will be utilised to support the completion of a clinical programme for its novel system, which is designed to avoid amputations in patients with chronic limb-threatening ischemia (CLTI), a severe form of peripheral artery disease (PAD).

The LimFlow System has already received breakthrough technology designation from the US Food and Drug Administration (FDA).

According to the company, the funding will support follow-up for the PROMISE II US pivotal trial required to secure the FDA approval.

It will also be utilised for the commercialisation of the LimFlow System, which uses a minimally-invasive family of transcatheter products designed to optimise perfusion of the critically ischemic foot.

The LimFlow system has secured the CE Mark and is available commercially in Europe, while it is approved for investigational use only in the US.

LimFlow CEO Dan Rose said: “We are thankful for the support of so many industry-leading investors, both new and existing, who recognize the potential of the LimFlow System to address a major clinical need in saving patients from amputation.

“We look forward to sharing results from our pivotal trial later this year, and to the prospect of being able to make the LimFlow system commercially available as early as next year to the patients in the U.S. and Europe who desperately need it.”

Recently, the company has completed patient enrollment for the PROMISE II trial and CLariTI, a natural history study of high-risk and no-option CLTI patients.

In November 2019, LimFlow announced positive six-month data from the full patient cohort in its PROMISE I early feasibility study of the LimFlow percutaneous deep vein arterialisation system.