FAIRWAY, Kan.--(BUSINESS WIRE)--Metactive Medical, Inc. (Metactive), a medical device company developing innovative products for the treatment of neurovascular, peripheral vascular and structural heart diseases, announced today it has closed an additional $1.2 million in Series A financing from a group of investors, including Mid-America Angels and Serra Ventures, bringing the total funding raised to date more than $10 million. Additionally, Metactive announced that the National Heart, Lung, and Blood Institute of the National Institutes of Health (NIH) recently awarded the company a $1.5 million Phase 2 SBIR grant to commercialize its over-the-wire Blockstent Microcatheter embolic device for the occlusion of peripheral arteries and veins.
“This new investment capital and grant funding will be used to continue the development of our novel platform of embolic products, which we believe will provide physicians with devices that are exceptionally deliverable, can be placed with a high level of precision, are resistant to migration, and provide immediate, complete, and lasting occlusion,” stated F. Nicholas Franano, MD, President and CEO of Metactive.
“We have been actively following Metactive’s progress and watching with interest the growth of the neurovascular, peripheral vascular, and structural heart markets worldwide,” stated Laura McCoolidge Classen, Managing Director of Mid-America Angels, a regional angel investment network which participated in the funding round. “We are confident the company’s proprietary implants and delivery systems can be leveraged to produce market-leading devices for a wide range of clinical needs, and are pleased to participate in this round of financing.”
“In addition to advancing the development of our Blockstent Microcatheter, we are excited to explore the potential of our Ballstent Microcatheter for embolization of cerebral aneurysms,” shared Franano. “Many hospitals store hundreds of types of coiled wires (“coils”) for the treatment of cerebral aneurysms, each with a particular shape, size and material composition. Physicians must painstakingly select and place as many as 20 or more of these coils into a single aneurysm, often with the assistance of accessory devices, and then wait 12 months or more to determine if the treatment has been fully effective. We believe Metactive can provide physicians with the ability to immediately and completely treat a wide range of aneurysm types and sizes with a single implant and a single coil, reducing procedure time, complexity and cost, while providing a more effective treatment for cerebral aneurysms.”
About Cerebral Aneurysm Embolization
More than 80,000 cerebral aneurysm embolization procedures are performed worldwide each year using coils, flow-diverting stents, intra-saccular devices, and liquid embolics. There is a need for cerebral aneurysm embolization devices that are highly flexible and deliverable, can be placed with a high degree of precision, and deliver immediate, complete, and lasting aneurysm neck and sac occlusion.
About Peripheral Artery and Vein Embolization
More than 400,000 peripheral artery and vein embolization procedures are performed worldwide each year using coils and vascular plugs. There is a need for peripheral artery and vein embolization devices that are highly flexible and deliverable, can be placed with a high degree of precision, are resistant to migration, and deliver immediate, complete, and lasting artery and vein occlusion.
About Metactive Medical
Metactive is developing innovative new medical devices for the treatment of neurovascular, peripheral vascular, and structural heart diseases. Metactive's first products enable precise and immediate occlusion and rapid sealing of arteries, veins, saccular aneurysms, left atrial appendages, and para-valvular leaks using detachable implants and highly flexible catheter delivery systems. For more information, please visit www.metactivemedical.com.
About Serra Ventures
Serra Ventures is an early stage venture capital firm investing in technology companies in emerging Midwest technology centers and selected other geographies. Sectors of focus include information technology, devices/instrumentation and agricultural technologies. Serra Ventures is headquartered in the University of Illinois Research Park in Champaign, Illinois. For more information, please visit www.serraventures.com.