The series C financing has been designed to fund the company via pre-market approval (PMA) of the Tack system.

New Enterprise Associates (NEA), H.I.G. BioVentures and Quaker Partners are the participants in the series C financing round.

The financing is structured in two stages or tranches, with the second tranche closing later this year.

Intact Vascular board of directors member Justin Klein said: “We continue to be impressed with the extensive clinical program that Intact Vascular is advancing to illustrate the significant clinical benefits that a better solution for dissections can have on angioplasty for peripheral arterial disease and critical limb ischemia.”

Tack is a new endovascular solution for precision dissection repair following balloon angioplasty.

The system will enable to maintain vessel integrity and advance blood flow to promote healing, improve outcomes and preserve limbs.

It will allow a minimal amount of metal in the artery and reduce mechanical stress on the arterial wall.

Intact Vascular is conducting three clinical trials, including TOBA II, TOBA III and TOBA II BTK, to assess Tack endovascular system.

TOBA II is evaluating the combination of the Tack device with both plain and BARD Lutonix drug-coated balloon (DCB) angioplasty in the arteries above the knee, while TOBA III is assessing the combination of the Tack system with the Medtronic IN.PACT Admiral DCB in the arteries above the knee.

TOBA II BTK is studying the combination of the Tack device with plain balloon angioplasty in the arteries below the knee.

Intact Vascular’s president and CEO Bruce Shook said: “We are delighted to partner with NEA, H.I.G., Quaker and several other investors on our journey to improve the treatment of peripheral arterial disease, and we truly appreciate their continued vote of confidence.”