NEW PROVIDENCE, N.J.--(BUSINESS WIRE)--Svelte Medical Systems, Inc. today announced it has raised $16 million in new capital. This financing was provided exclusively by current investors, lead by CNF Investments, the Gary and Mary West Health Investment Fund and New Science Ventures. Funding will be used to support ongoing operations, expand infrastructure and commercialize the Svelte drug-eluting coronary stent-on-a-wire Integrated Delivery System (IDS) and Rapid-Exchange (RX) platforms in Europe during the second half of 2015.
“This is an exciting time for Svelte,” said Jack Darby, President and CEO of Svelte Medical Systems. “It has been more than 20-years since the last innovation in drug-eluting stent delivery, and we thank our investors for providing us with the support necessary to bring our technology to market. The ability of our technology to facilitate transradial and ‘slender’ interventions, while extracting procedure time and cost, will benefit patients, physicians and payors.”
The Svelte IDS incorporates Asahi wire tip technology and is designed to optimize transradial (through the wrist) interventions (TRI) with a ‘slender’ approach to Percutaneous Coronary Intervention (PCI). The number of TRI procedures is growing rapidly, especially in the US, where its beneficial impact on patient comfort and overall clinical outcomes is increasingly recognized. With the lowest-crimped stent profile on the market, the Svelte IDS allows physicians to downsize catheter sizes used during procedures.
Svelte Medical Systems also welcomed Richard Dakers of the Gary and Mary West Health Investment Fund to its board of directors. The Gary and Mary West Health Investment Fund first invested in Svelte last year. Mr. Dakers is a Co-Manager of the fund and worked previously at Johnson & Johnson for over 30-years.
About Svelte Medical Systems
Headquartered in New Providence, New Jersey, Svelte Medical Systems (www.sveltemedical.com) is a privately-held company engaged in the development of highly deliverable balloon expandable stents. Statements made in this press release that look forward in time or that express beliefs, expectations or hopes regarding future occurrences or anticipated outcomes or benefits, are forward-looking statements. A number of risks and uncertainties, such as risks associated with product development and commercialization efforts, results of clinical trials, ultimate clinical outcomes and benefit of the company’s products to patients, market and physician acceptance of the products, intellectual property protection and competitive product offerings, could cause actual events to adversely differ from the expectations indicated in these forward looking statements.