Fluid Biotech, a medical device start-up company based in Calgary, Canada, has announced the completion of an oversubscribed seed fundraising round totalling US$4.7 million—and the addition of two new members to its board of directors.
Fluid Biotech is commercialising what it claims is the world’s first hybrid polymer-metal flow-diverting brain stent to treat brain aneurysms. Uniquely constructed of bioabsorbable polymer and metal, this novel device provides a scaffold to allow better healing and visualisation of blood vessels, a company press release states.
With preclinical prototypes demonstrating disease cure in the laboratory, Fluid Biotech will use this new investment to engage contract manufacturers to initiate production, complete regulatory milestones, and plan for first-in-human implantation.
METIS Innovative and ShangBay Capital co-led the financing round, which included new investors UCeed Health Fund, and UCeed Child Health and Wellness Fund, from the University of Calgary, as well as Thin Air Labs, Wharton Alumni Angels, Amino Capital, Bluesky Equities, ThresholdImpact and Alabaster Capital, and follow-on funding from pre-seed partners.
Related to this funding round, Fluid Biotech has also welcomed Brian Sidman, co-founder and principal of METIS Innovative and a veteran of capital accrual for investment opportunities, and Chaucer Shen, managing partner of ShangBay Capital, who brings more than 20 years of industry experience working with international medical device companies, to its board of directors.
“The Holy Grail in the evolution of flow-diverting technology for treating intracranial aneurysms is creating a safe and effective bioabsorbable stent,” said Sidman. “Fluid Biotech is making this concept a reality. We are thrilled to support them in their endeavour and believe Fluid Biotech represents the future of the field.”
“Today’s announcement of international investors with domain expertise in medical devices and technology further validates our compelling technology and vision,” said John Wong, CEO and co-founder of Fluid Biotech.
Alim Mitha—the company’s president, chief technology officer and co-founder—added: “The enhanced resources provided by our newest partners will accelerate product development from our biomedical engineering laboratory to the marketplace and help transform the clinical care of patients worldwide.”
William Dai, founding managing partner of ShangBay Capital, stated: “We are very excited about Fluid Biotech’s bioabsorbable flow-diverting stent technology and its huge potential to improve the outcomes of brain aneurysm patients.”