MEMPHIS, Tenn.--(BUSINESS WIRE)--Ariste Medical, a pre-commercial drug-device company, today announced a $4.6MM investment for continued development of a drug-eluting hernia mesh intended to reduce the risk of intra-abdominal infection. Incidence of infection following surgical repair of hernia can range from 8 – 40% depending upon the complexity of the surgical case.
Ariste Medical, located in Memphis, TN, was formed in 2007 by Drs. Timothy Fabian and Lisa Jennings, internationally-recognized faculty at The University of Tennessee Health Science Center (UTHSC), and Mr. Brian Best, an experienced leader in product development and commercialization. Dr. Fabian is Harwell Wilson Alumni Professor & Chairman and heads the Department of Surgery at the UTHSC. Dr. Jennings, former Director of the Vascular Biology Center of Excellence, is currently a Professor in the Department of Medicine with joint appointments in Biomedical Engineering, Biochemistry, Immunology and Microbiology and Surgery, and Founder of CirQuest Labs, a multimillion dollar contract research organization. Drs. Fabian and Jennings leveraged their experience in surgery and vascular biology to develop implantable devices that could elute drugs in order to reduce the risk of common complications that increase morbidity and costs.
In 2012 Ariste received initial seed funding of $1.275MM, which supported the prosecution of multiple patents, the opening of a research lab, and the development of plans and programs to support regulatory approval via the 510(k) pathway. Ariste Medical has been located at the Memphis Bioworks Foundation since 2012.
Using this seed funding, Ariste has significantly advanced new, proprietary formulations and other intellectual property that positions Ariste Medical as a platform drug-device company targeting clinical complications where infection, scar tissue formation or clotting is an ongoing challenge associated with implantable surgical devices. This additional $4.6MM in capital will support product testing and regulatory filings for the drug-eluting hernia mesh, as well as preparation for commercialization in the United States and Europe upon regulatory clearance.