WAYNE, Pa.--(BUSINESS WIRE)--Intact Vascular, Inc., a developer of medical devices for minimally invasive peripheral vascular procedures, today announced that it has raised $38.9 million in a Series B venture capital financing. The funds will be used to accelerate the development and FDA approval of the company’s Tack Endovascular System. The latest round, one of the largest private medical technology financings of 2015, was led by New Enterprise Associates (NEA), with participation from Quaker Partners, H.I.G. BioVentures and other existing investors.
Related to the financing Intact Vascular also announced that NEA Partner Justin Klein, MD, JD, has joined the company’s Board of Directors.
“We are poised to build significant value with the conduct of multiple clinical trials, both above and below the knee, all of which are aimed at demonstrating the unique value of the Tack Endovascular System in the treatment of peripheral artery disease and moving us through the FDA approval process,” said Bruce Shook, Intact Vascular’s President and CEO. “We are thrilled to have the support of NEA as the lead investor in this Series B round. NEA’s track record of success and the expertise it brings to the table make them an ideal partner for Intact Vascular.”
“Intact Vascular’s approach to peripheral artery disease is truly novel and has the potential to significantly improve treatment of this rapidly growing disease,” stated Dr. Justin Klein, Partner at NEA. “We are excited to partner with the outstanding team at Intact Vascular and their investors to move rapidly into pivotal clinical trial work in peripheral artery disease and to explore new applications of this novel approach to vascular repair.”
Intact Vascular was founded in 2012 to develop the technology pioneered by Dr. Peter Schneider, Director of the Division of Vascular Therapy at the Kaiser Foundation Hospital in Honolulu. Dr. Schneider envisioned a new, endovascular method for repairing arterial dissections following percutaneous transluminal angioplasty (“PTA”) to permit highly targeted repair of diseased arteries, while minimizing the metal left behind and inflammation of the artery wall, both of which are significant problems associated with stenting, the current method of dissection repair. Intact Vascular’s Tack Endovascular System is the realization of Dr. Schneider’s vision.
Over the last three years, Intact Vascular has developed and refined the Tack Endovascular System implant and delivery system, conducted three international clinical trials, and obtained a CE-Mark for the above the knee system. The clinical trials enrolled more than 170 patients and demonstrated the promise of this new approach to arterial dissection repair. Peripheral artery disease impacts more than 200 million people worldwide and more than 19 million people in the U.S. The prevalence of peripheral artery disease among American adults exceeds that of coronary heart disease and its growth is being driven by the triad of obesity, diabetes and advancing age.
About Intact Vascular
Intact Vascular is a privately held medical device company that develops minimally invasive peripheral vascular products. The Tack Endovascular System is designed to optimize the results of percutaneous balloon angioplasty in the treatment of peripheral arterial disease. Visit www.intactvascular.com.
New Enterprise Associates, Inc. (NEA) is a global venture capital firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors and geographies. With nearly $17 billion in cumulative committed capital since inception, NEA invests in technology and healthcare companies at all stages in a company’s lifecycle, from seed stage through IPO. The firm's long track record of successful investing includes more than 200 portfolio company IPOs and more than 320 acquisitions. Visit www.nea.com.
About Quaker Partners
Quaker Partners is a healthcare investment firm based in Philadelphia, managing funds with over $700 million in total assets. Quaker primarily invests in biopharmaceutical and medical technology companies. Visit www.quakerpartners.com.
About H.I.G. BioVentures
H.I.G. BioVentures is the dedicated life-science investment affiliate of H.I.G. Capital, a leading global private equity investment firm with more than $17 billion of equity capital under management. H.I.G. BioVentures invests in a broad range of life sciences opportunities across sectors and stages, principally in companies developing therapeutic drugs, medical devices, and diagnostics for significant unmet medical needs. With approximately $400 million in committed capital, H.I.G. BioVentures invests approximately $3 million to $40 million per company over the life of an investment. Visit www.higbio.com.
This press release contains “forward-looking statements” concerning the development of Intact Vascular's products, the potential benefits and attributes of such products, and the company’s expectations regarding its prospects. Forward-looking statements are subject to risks, assumptions and uncertainties that could cause actual future events or results to differ materially from such statements. These statements are made as of the date of this press release. Actual results may vary. Intact Vascular undertakes no obligation to update any forward-looking statements for any reason.
Tack Endovascular System™ and Tack™ are trademarks of Intact Vascular,
The Tack Endovascular System is “Not Approved for Sale in the United States.”
The Tack Endovascular System is CE Mark authorized under EC Directive 93/42/EEC.