Nectero Medical has secured $19.5m in Series C financing round, led by new investor Boston Scientific, to develop a treatment platform for aneurysms.
The company intends to use the proceeds for in-vivo and clinical development of a treatment platform for aneurysmal disease, including Abdominal Aortic Aneurysms (AAA).
Nectero claimed that Endovascular Aortic Stabilisation Treatment (EAST) has showed positive early clinical results, indicating potential to inhibit the growth of AAA disease.
The EAST system is said to prevent rupture and inhibit further degradation of the aortic tissue with a simple, one-time catheter-based procedure that leaves no implant behind.
The system, currently used in the treatment of AAA patients in a Phase 1 safety study, is designed to significantly reduce the growth rate and stabilise the aneurysm tissue, said the company.
Nectero Medical CEO Jack Springer said: “For small- to mid-sized aneurysms, ‘active surveillance’ is the current standard of care.
“Unfortunately, these patients are not without risk of rupture, yet they are not eligible for treatments with surgical repair or endovascular grafts due to complications associated with these procedures.”
Furthermore, Nectero’s technology platform is also developed for other potential applications, including thoracic aneurysms, aortic dissections, neurovascular aneurysms, as well as cardiovascular and connective tissue disorders.
Nectero board of directors chairman Bruce Roberts said: “Until now, there has been no success in developing treatments for patients with early to mid-sized aneurysms, yet these patients face the dire risk of rupture and, when that happens, will find themselves requiring a very invasive procedure with significant long-term risks.
“The EAST system may offer new hope to these ailing patients.”
In April last year, Nectero announced the initial closing of its Series B financing round, led by SMO-Nectero, a vehicle managed by Select Medical Opportunities.
The company planned to utilise the proceeds to support clinical trials, product development, and regulatory activities.
