FREMONT, Calif. and
OXFORD, England, Feb. 21, 2020 /PRNewswire/ -- Cerus
Endovascular Ltd., a privately-held, commercial stage medical
device company, today announced that it has now successfully
completed its Series B financing having raised a total of
$19.0 million from current and new
institutional investors since commencement of the round in
July 2018. The company also reported
that it has received approval from the U.S. Food and Drug
Administration (FDA) for its first microcatheter. Commercial sales
are expected to begin during the second quarter of 2020.
Completion of the Series B financing will allow the company to
execute on its go-to-market strategy and to complete the planned
expansion of its product portfolio, which will include a smaller
delivery platform for its recently CE Marked lead product, the
Contour Neurovascular System™, for the treatment of intracranial
aneurysms.
The company's second implant device, the Neqstent™ Aneurysm
Bridging Device, designed to be used in conjunction with
conventional embolic coils for endovascular embolization of
bifurcated saccular intracranial aneurysms, is advancing through
the regulatory process, with a clinical trial currently enrolling,
aimed at providing additional safety and efficacy data.
"We are grateful to our new and existing investors for their
confidence in the company, as well as to our remarkable and
dedicated team of skilled professionals, led by company President,
Dr. Stephen Griffin – all of whom
have been instrumental in bringing us to this important inflection
point," noted Dr. Sam Milstein,
Chairman of Cerus Endovascular. "As a result, we are now in a
position to execute on our commercial and product development
programs and have ample working capital to see us well into 2021.
As reported earlier this week, during the upcoming second quarter,
our European Union sales and marketing team will begin rolling out
the Contour Neurovascular System™ in carefully selected target
markets, where we have regulatory approval."
FDA clearance of our first microcatheter:
Dr.
Griffin, stated, "Receipt of FDA approval for our 021
microcatheter, offered with three different distal configurations,
represents the achievement of yet another key milestone for the
company. Going forward, we will be developing additional
microcatheters of various dimensions in order to ensure that we
offer interventional neuroradiologists a comprehensive selection of
instrumentation to meet their needs."
Patents and new portfolio products:
Dr. Griffin also
noted that the company has been granted an additional key patent,
which further fortifies the intellectual property position of both
the Contour Neurovascular System™ and Neqstent™, in the area of
intrasaccular embolization.
About the Contour Neurovascular System™
The Contour
Neurovascular System™, composed of fine mesh braid, represents a
unique intrasaccular advancement in the market, as it targets the
neck of the aneurysm, away from the vulnerable aneurysm dome. It is
deployed across the neck of the aneurysm sac and provides a
combination of flow diversion and flow disruption through a single
device implant. Additionally, the System is designed to be
self-anchored for stability, re-sheathable for precise placement,
and because it is deployed across the neck, sizing criteria are
less restrictive than other commercially available intrasaccular
devices, making it easier to use in the clinical setting.
Commercial sales, via a controlled market release across the
European Union, are expected to begin during the second
quarter of 2020.
About Cerus Endovascular
Cerus Endovascular is a
privately-held, commercial stage medical device company engaged in
the design and development of highly differentiated and proprietary
interventional neuroradiology devices and delivery systems for the
treatment of acute, life-threatening neurological conditions,
specifically, intracranial aneurysms. The company's first CE Marked
product, the Contour Neurovascular System™, is a pre-shaped
structure of fine mesh braid with shape memory properties that is
delivered to the aneurysm via an endovascular microcatheter. The
company is also developing a pipeline of complementary devices,
leveraging the design concept of the Contour Neurovascular System™
to address the broad range of sizes, types and locations of
cerebral aneurysms with which a patient can present to the
clinician. For more information, please go to:
www.cerusendo.com.
Contact:
Melody A.
Carey
Rx Communications Group, LLC
917-322-2571
mcarey@rxir.com
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SOURCE Cerus Endovascular