Rapid Medical said it has raised $20 million in a series C round to give its IDE trial a boost. The Yokneam, Israel-based company is developing minimally invasive stroke treatment and protection products.
Rapid has been successfully enrolling patients in the TIGER IDE study in the U.S. since May of 2018.
In addition, the proceeds will be used to develop a commercial presence in the U.S. ahead of regulatory approvals, expanding the company's sales and marketing efforts in Europe, as well as the development of additional innovative products.
The financing round was led by JAM Capital Partners and MicroPort with participation from Agate JT, RocSon Medtech Fund and existing investors.
It was also announced that Rapid Medical and MicroPort have entered into a partnership granting MicroPort the marketing rights for Rapid Medical's Tigertriever and Comaneci products in China. The Tigertriever is a fully visible stentriever that is designed to treat ischemic stroke patients, and, Comanci, is a controllable aneurysm neck-bridging device.
"This financing round speaks to the potential impact of our products and technology for stroke patients. This financing will enable Rapid to continue to build our commercial footprint and solve unmet clinical needs," Ronen Eckhouse, CEO and co-founder of Rapid Medical said in a release. "We are delighted to have high quality new investors joining us and are excited about the partnership with MicroPort in China."