Fluid Biomed – a clinical-stage medical device company developing lifesaving products for patients suffering from vascular disease – announced it closed an oversubscribed $27 million Series A equity financing. The funding round is co-led by Amplitude Ventures and an undisclosed major strategic partner. New participants in the investment syndicate include IAG Capital Partners and LifeArc Ventures, as well as returning investors, ShangBay Capital and METIS Innovative.
The ReSolv stent is the first bioabsorbable polymer-based stent for brain aneurysms, sparing patients a lifetime regimen of blood thinners to prevent clots following deployment of the stent.
The ReSolv stent was created by John Wong, M.D., co-founder and chief executive officer of Fluid Biomed, and Alim Mitha, M.D., co-founder, president and chief technology officer. And both are leading academic neurosurgeons at the University of Calgary.
Fluid Biomed’s unique bioabsorbable polymer-based stent technology was validated by years of scientific research with functional benefits demonstrated in a first-in-human clinical study to treat brain aneurysms, a leading cause of stroke and disability. And about 6.7 million people in the U.S. have unruptured brain aneurysms and more than 30,000 rupture and bleed each year, often leading to disability and death. Fluid Biomed plans to use the funding to validate further the ReSolv stent and its proprietary delivery system in expanded patient studies.
KEY QUOTES:
“Our exclusive technology has attracted the attention of international investors of the highest caliber with the depth and breadth of expertise to accelerate company evolution and make its medical devices available sooner to physicians and patients.”
- Dr. Wong
“This additional strategic and financial capital will enable larger clinical trials as well as broaden our product pipeline. Empowered with greater resources, Fluid Biomed is well positioned to create the next generation of stents to heal those afflicted with brain aneurysms around the world.”
- Dr. Mitha
“This financing will propel Fluid Biomed toward realization of the remarkable potential of the ReSolv™ stent. We are strong supporters of entrepreneurial scientists. Fluid Biomed’s founders have utilized their decades of experience to create a truly novel technology that will positively impact patient outcomes.”
- Jean-Francois Pariseau, co-founder and partner at Amplitude Ventures
