The company raised $47 million in new financing to support the rapid commercial growth of its Enroute products for TransCarotid Artery Revascularization procedures. 

Staff Report

Norwest Venture Partners and Janus Capital Management led a new round of financing to support the commercial growth of Silk Road Medical Inc.'s Enroute family of products for TransCarotid Artery Revascularization (TCAR) products. Existing investors Warburg Pincus, The Vertical Group, and CRG also participated in the round.

CEO Erica Rogers said the new funds will enable Silk Road to build its commercial footprint and momentum in the United States and enter new markets abroad.

The Sunnyvale, CA-based company already has FDA clearance for two of its TCAR devices, the Enroute neuroprotection system (NPS), and a stent. The TCAR procedure combines surgical principles of neuroprotection with endovascular techniques to treat blockages in the carotid artery that pose a threat of stroke. Silk Road's Enroute NPS is designed to give the physician direct access to the common carotid artery in the neck and initiate high rate temporary blood flow reversal to protect the brain from a stroke while delivering and implanting the Enroute stent. The devices are currently the only two that are FDA cleared for transcarotid procedures.

Robert Mittendorff, a partner at Norwest Venture Partners, will join Silk Road's board as part of the financing.

"The team at Silk Road has created a category-defining medical procedure that has the potential to transform the treatment of carotid artery disease, which is a major cause of stroke," Mittendorff said. "TCAR is an elegant, patient-friendly approach that has really resonated with physician leaders in the field."

According to Ethan Lovell of Janus Henderson Investors, TCAR represents one of the next potential multi-billion dollar medical device markets.

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