Route 92 Medical has announced today that it has raised US$50 million in growth financing. New investor Sectoral Asset Management joined lead investor Novo Holdings and returning investors US Venture Partners, Norwest Venture Partners, InnovaHealth Partners, and The Vertical Group, in this financing round.
Proceeds from the financing will support the next phase of Route 92’s growth strategy by helping to accelerate global commercial expansion, advance clinical evidence to support broader adoption of the company’s neurovascular procedural approach, and invest in continued product innovation across its platform, as per a press release.
“We’ve seen rapid growth in the adoption of our products over the past year, attributable to the clinical performance of our Monopoint approach, and the growth and dedication of our commercial organisation,” said Tony Chou, chief executive officer (CEO) and founder of Route 92. “We’re on a mission to improve outcomes for patients suffering from acute ischaemic stroke and our rapidly growing sales are a testament to the differentiated, physician-preferred attributes of our neurovascular thrombectomy solutions.”
“We believe Route 92 Medical is positioned for long-term growth with robust manufacturing capacity, a clearly defined market, and a well-differentiated product portfolio,” added Michael Sjöström, co-founder and partner at Sectoral Asset Management. “Our investment aims to accelerate its commercial growth, helping the company reach many more hospitals and patients.”
Route 92’s neurovascular portfolio includes the HiPoint reperfusion system featuring the Monopoint approach, the first ‘super-bore’ aspiration catheter with a monoaxial procedural approach, and a 0.088-inch inner diameter, US Food and Drug Administration (FDA)-cleared for the treatment of large vessel occlusion acute ischaemic strokes. It joins a suite of purpose-built stroke treatment solutions including the HiPoint 70 reperfusion system, FreeClimb 70 reperfusion system, FreeClimb 54 reperfusion system and FreeClimb 88 access system, according to the company.
