Wallaby Medical announced it has recently closed a series B+ financing round worth more than US$20 million. The company focuses on developing and commercialising medical device products for treating stroke. Wallaby Medical’s first product, the Avenir coil system, is a neuroembolic coil system for treating intracranial aneurysms and other neurovascular abnormalities.
According to the company, Avenir has received US Food and Drug Administration (FDA) 510(k) clearance, CE mark approval, and regulatory approval in Japan and is commercially available in more than 12 countries. Wallaby has several other products currently in development.
The funding round was led by a new investor, Citic Med Funds, with participation from existing investors Maison Capital, Qianhai Fund of Funds, and Chang‘an Capital. Hua Cai, general manager of Citic, will be joining Wallaby’s board of directors.
“We are excited and grateful to bring on Citic to our Wallaby team,” commented Michael Alper, CEO of Wallaby Medical. “We feel the resources they bring will help ensure success in our key market, China, which makes up 40% of the global incidence of stroke.”