Nectero Medical, a clinical-stage biotechnology company pioneering novel therapies to treat aneurysmal disease, announced the closing of its $96 million Series D funding round. This round was led by Norwest Venture Partners and included large investments from Boston Scientific Corporation, BioStar Capital, Cadence Healthcare Ventures, Aphelion Capital, and other firms.
The proceeds of the funding will be utilized to accelerate the execution of the Phase II/III (stAAAble) trial and to support the submission of a New Drug Application (NDA) with the U.S. Food and Drug Administration (FDA) for the Nectero Endovascular Aneurysm Stabilization Treatment (Nectero EAST) System.
Upon completing the Series D funding, Dr. Zack Scott of Norwest Venture Partners and Dr. Alan Davis of BioStar Capital have joined the Nectero Medical Board of Directors.
The Nectero EAST System is an investigational, single-use, endovascular system that delivers pentagalloyl glucose (PGG) locally into the aneurysmal wall. There, it binds to elastin and collagen to strengthen the aortic vessel wall and potentially reduce further degradation. This procedure takes less than an hour to complete and leaves no permanent implant behind.
Earlier this year, Nectero Medical initiated a Phase II/III clinical trial (stAAAble) to investigate the safety and efficacy of the Nectero EAST System in patients with infrarenal abdominal aortic aneurysms (AAAs), maximum diameter 3.5 – 5 cm.
KEY QUOTES:
“We are pleased to have raised the funds required to complete the necessary work to bring our potentially transformative technology to market. In addition, we are fortunate to add two highly knowledgeable and extremely insightful members to our already strong and accomplished Board of Directors.”
– Jack Springer, President & CEO, Nectero Medical
“We are honored and excited to be the lead investor in the Series D financing to fund the efforts necessary to bring the Nectero EAST System to market. The Nectero EAST System has the potential to have a profound impact on the hundreds of thousands of patients living with aneurysmal disease and would represent the most significant advancement in the treatment of AAA in over 25 years.”
– Dr. Zack Scott, General Partner, Norwest Venture Partners
“FDA has granted Breakthrough Therapy designation for the Nectero EAST System, acknowledging that the preliminary clinical evidence indicates that the combination product may demonstrate substantial improvement over available therapy on a clinically significant endpoint(s). This potentially transformational treatment is a perfect addition to the BioStar’s investment portfolio centered around our deep-seated commitment to fund cutting-edge innovations that improve patients’ lives.”
– Dr. Alan Davis, Managing Director, BioStar Capital
