AVS – an early-stage medical device company focused on safely and effectively treating severely calcified arterial disease with its PIVL therapy – announced that it closed an additional $8.8 million in new financing, bringing its Series B round to $28.8 million total. This funding round will continue to support clinical trials for the company’s device for pulsatile intravascular lithotripsy (PIVL) in peripheral cases while advancing preclinical work for an expanded indication in coronary cases.
AVS has successfully enrolled, treated, and collected positive 30-day follow-ups with patients in a first-in-human study, the POWER PAD I clinical trial, in September 2022. And the prospective, single-arm, multi-center feasibility study is evaluating the technical and clinical success of the PULSE IVL System for treating patients with calcific femoropopliteal arteries.
Vascular calcification has been shown to increase the risk of major cardiovascular events like heart attacks, strokes or blood clots, and can lead to limb amputations in peripheral arteries. And the PULSE IVL System is a novel, balloon-based platform that expands calcified lesions by gently shattering calcium with pressure waves in frequent bursts, all through a single device.
BioStar Capital led the Series B financing with CUE Growth Partners, a private equity firm focused on healthcare.
KEY QUOTES:
“We are pleased to see the investor excitement around this technology. Intravascular lithotripsy represents an emerging therapy that demands new solutions for patients with severely calcified arterial disease. With the support of our partners, we can continue our work toward U.S. approval for both peripheral and coronary applications.”
— Mark Toland, Chairman of the Board for AVS
“AVS’s technology has demonstrated promise in treating peripheral arterial disease and we are excited to play a role in future trials in the coronary space. We have supported AVS through both of its funding rounds because we firmly believe in the company’s potential to improve the options available to patients and ultimately drive improved health outcomes for patients.”
— Louis Cannon, MD Founder and Senior Managing Partner of BioStar Capital
“Cardiovascular disease remains the leading cause of death globally and requires continued investment in novel technologies. We are committed to supporting medical devices, such as the PULSE IVL System, that can impact areas of need in medicine through innovative new solutions.”
— Ben Cannon, Co-Founder and Partner at CUE Growth Partners
