Fluid Biomed has today announced the close of an oversubscribed US$27 million Series A equity financing co-led by Amplitude Ventures and an undisclosed major strategic partner. New participants in the investment syndicate include IAG Capital Partners and LifeArc Ventures, as well as returning investors ShangBay Capital and METIS Innovative.
“Our exclusive technology has attracted the attention of international investors of the highest calibre with the depth and breadth of expertise to accelerate company evolution, and make its medical devices available sooner to physicians and patients,” said John Wong, co-founder and chief executive officer (CEO) of Fluid Biomed.
“This additional strategic and financial capital will enable larger clinical trials as well as broaden our product pipeline,” added Alim Mitha, Fluid Biomed’s co-founder, president and chief technology officer. “Empowered with greater resources, Fluid Biomed is well positioned to create the next generation of stents to heal those afflicted with brain aneurysms around the world.”
Fluid Biomed’s ReSolv stent was developed by Wong and Mitha, who are both leading academic neurosurgeons at the University of Calgary (Calgary, Canada). According to the company, this unique, bioabsorbable, polymer-based stent technology has been validated by years of scientific research, with functional benefits demonstrated in a first-in-human clinical study to treat brain aneurysms.
Fluid Biomed plans to use the proceeds from this recently announced Series A financing to further validate the ReSolv stent and its proprietary delivery system in expanded patient studies.
“This financing will propel Fluid Biomed toward realisation of the remarkable potential of the ReSolv stent,” commented Jean-Francois Pariseau, co-founder and partner at Amplitude Ventures. “We are strong supporters of entrepreneurial scientists. Fluid Biomed’s founders have utilised their decades of experience to create a truly novel technology that will positively impact patient outcomes.”
