Route 92 Medical has announced a new US$50 million extension to its previously announced, oversubscribed Series F financing, bringing the total raised to US$82 million. Novo Holdings joined returning investors US Venture Partners, Norwest Venture Partners, InnovaHealth Partners, and The Vertical Group, in supporting the round. In connection with the investment, Noel Jee—a partner in Growth Investments at Novo Holdings US—will join the Route 92 board of directors, bringing more than 10 years of experience in life-science investing and consulting.
Proceeds from the financing will be used to accelerate the global commercialisation of the company’s neurovascular intervention portfolio, and to pursue regulatory authorisations in new geographies, according to a press release.
Route 92 claims to have streamlined neurovascular intervention by creating a suite of reperfusion and access systems leveraging unique designs—all featuring the patented Tenzing delivery catheter. These products are designed to work harmoniously as complete systems to improve the efficiency of endovascular thrombectomy procedures, enabling clinicians to quickly restore blood flow to a patient’s brain following acute ischaemic stroke.
The company’s neurovascular portfolio includes the FreeClimb 70 reperfusion system featuring the FreeClimb 70 aspiration catheter and the Tenzing 7 delivery catheter, as well as the FreeClimb 54 reperfusion system comprising the FreeClimb 54 aspiration catheter paired with a Tenzing 5 delivery catheter, and the FreeClimb 88 catheter system based around the FreeClimb 88 catheter and Tenzing 8 delivery catheter.
In addition, earlier this year, Route 92 completed enrolment in its SUMMIT MAX clinical trial, which is evaluating the safety and effectiveness of the HiPoint 88 and HiPoint 70 reperfusion catheters as part of the Monopoint reperfusion system.
“Our company is focused on improving outcomes for patients suffering from acute ischaemic stroke, and we are continuing to build our industry-leading commercial and support teams to bring our Tenzing, FreeClimb, HiPoint and Monopoint products to the market,” said Tony Chou, chief executive officer and founder at Route 92. “Novo Holdings’ investment validates our clinical and commercial performance, and will help us better serve patients and our interventionalist customers.”
“Stroke is an acute event, and the difference between life and death is often determined by ease of access and rapid removal of the entire clot,” Jee added. “Route 92 Medical’s reperfusion systems provide practice-changing, much-needed innovation for clinicians and patients. We look forward to supporting Route 92 Medical’s management team in their efforts to improve care for patients.”
