A Mountain View, California startup developing bioresorbable scaffolds in lieu of permanent stents, has recently raised $20 million in a Series B funding round.
|Fortitude Bioresorbable Scaffold|
Amaranth Medical, which was commercialized out of Singapore's Nanyang Technological University in 2005, is going to use the money to further develop the Fortitude bioresorbable scaffold and to fund its upcoming clinical trial to obtain regulatory clearance in Europe. The trial has completed enrollment and initial results will be available at the annual Transcatheter Cardiovascular Therapeutics meeting in San Francisco, Oct.27 - Nov.1.
DCP Management of Singapore, a new investor, led the round that also attracted another first-time investor - Venstar Capital. But existing investors Bio*One Capital, Charter Life Sciences and Phillip Capital also participated.
Bioresorbable stents are considered a big advancement in interventional cardiology and the treatment of coronary artery disease because unlike traditional stents, they are absorbed in the human body over time and thereby leaving no trace behind. That eliminates the risk of late thrombosis, a complication on metal stent procedures.
Among the recent advances in interventional cardiology, we believe that the development bioresorbable scaffolds is one of the most significant," said Fred M. Schwarzer, Managing Partner of Charter Life Sciences and Chairman of the Amaranth board of directors, in a news release. "In our view, Amaranth Medical's FORTITUDE scaffold has significant inherent advantages over other bioresorbable scaffolds in development, and the entire investor group is committed to supporting Kamal and the Amaranth team in the development of this important technology to improve the lives of patients worldwide."
Kamal Ramzipoor is Amaranth's general manager and chief technology officer.
Two more established companies that have also developed bioresorbable stents are Abbott Labs and Boston Scientific. In September 2012, Abbott announced that it was launching the Absorb bioresorbable stent, billing it as the world's first drug-coated bioresorbable stent.
Boston Scientific has its own take on the drug-eluting bioresorbable stent known as Synergy. It received CE Mark in October, 2012.
A broader topic of "Innovations in Implantable Devices" will be discussed at a conference in Minneapolis, hosted by the publisher of MD+DI in late October.