Intact Vascular announced that current investors New Enterprise Associates, Quaker Partners and H.I.G. BioHealth Partners have exercised their right to invest additional capital as part of the company’s series B financing, bringing the total raised to $46m.
The Series B financing initially closed in May 2015. The funds will be used to advance the Company’s broad clinical development program, encompassing both above-the-knee (ATK) and below-the-knee (BTK) clinical trials, as well as a host of product development initiatives aimed at expanding the utility of the Tack Endovascular System for the treatment of peripheral artery disease.
The Tack Endovascular System is a new, endovascular technology for repairing arterial dissections following percutaneous transluminal angioplasty (“PTA”).
The Tack® system permits highly targeted repair of diseased arteries, while minimizing the metal left behind and inflammation of the artery wall, both of which are significant problems associated with the current method of dissection repair: stenting.
Intact Vascular is currently sponsoring three large, international clinical trials: Tack Optimized Balloon Angioplasty II (“TOBA II”), TOBA II BTK, and TOBA III. TOBA II and TOBA III are investigating the safety and efficacy of the Tack system in the treatment of ATK peripheral artery disease in combination with both PTA and drug coated angioplasty balloons.
TOBA II BTK is focused on use of the Tack system in conjunction with PTA to treat BTK peripheral artery disease, which is also known as Critical Limb Ischemia or “CLI”. The TOBA II BTK trial is the first pivotal trial approved by the Food and Drug Administration (“FDA”) for the treatment of CLI with a vascular implant below the knee.
Peripheral arterial disease (“PAD”) impacts more than 200 million people worldwide and more than 19 million people in the U.S. The prevalence of PAD among American adults exceeds that of coronary heart disease, and its growth is being driven by the triad of obesity, diabetes and advancing age.
“We welcome the additional investment from our investors and greatly appreciate their vote of confidence in us,” said Bruce Shook, Intact Vascular’s President and CEO. “We are well positioned to use this new investment to rapidly advance our clinical and product development initiatives.”
“The team at Intact Vascular has made substantial progress since our initial investment,” stated Dr. Justin Klein, partner at NEA. “Intact is poised to bring a truly innovative endovascular technology to the peripheral vascular market place, and we are pleased to be a part of that important effort.”