US-based medical technology company Route 92 Medical has secured $50m in an extension to its oversubscribed Series F financing round, bringing the total funding raised to $82m.
Existing investors Novo Holdings, US Venture Partners, Norwest Venture Partners, InnovaHealth Partners, and The Vertical Group participated in the financing round.
As part of the transaction, Novo Holdings US growth investments partner Noel Jee will be appointed as a member of the Route 92 board of directors.
Route 92 Medical intends to use the financing to advance the global commercialisation of its neurovascular intervention portfolio and pursue regulatory approvals in new territories.
Noel Jee said: “Stroke is an acute event and the difference between life and death is often determined by ease of access and rapid removal of the entire clot.
“Route 92 Medical’s reperfusion systems provide practice-changing, much-needed innovation for clinicians and patients. We look forward to supporting Route 92 Medical’s management team in their efforts to improve care for patients.”
Route 92 Medical said it has developed a suite of reperfusion and access systems using unique designs and its patented Tenzing delivery catheter.
The products are designed to work in coordination as complete systems to improve the efficiency of endovascular thrombectomy procedures.
Also, the products allow clinicians to rapidly restore blood flow to a patient’s brain after acute ischemic stroke, the most common type of stroke, said the medical device company.
Its neurovascular portfolio includes the FreeClimb70 reperfusion system, the FreeClimb 54 reperfusion system, and the FreeClimb 88 catheter system.
In addition, the company has completed enrollment in the SUMMIT MAX clinical study of its HiPoint 88 and HiPoint 70 reperfusion catheters, as part of the Monopoint reperfusion system.
Route 92 Medical founder and CEO Tony Chou said: “We are continuing to build our industry-leading commercial and support teams to bring our Tenzing, FreeClimb, HiPoint, and Monopoint products to the market.
“Novo Holdings’ investment validates our clinical and commercial performance and will help us better serve patients and our interventionalist customers.”
