Vancouver medical device company Evasc Neurovascular Enterprises ULC has raised $10 million in a Series A financing, bringing its total funding to date to $27 million. Yonghua Investment Management, a Chinese private equity firm, led the round and was joined by undisclosed existing investors. Founded in 2008, Evasc is focused on the development of disruptive endovascular treatments for cerebral aneurysms. It plans to use the funds raised for the advancement and commercialization of its eCLIPs system, a device designed to treat 95 percent of cerebral aneurysm cases. Evasc is led by Dr Donald Ricci, the company’s president and CEO.
Evasc Neurovascular Announces Closing of $10 Million Venture Financing
VANCOUVER, June 15, 2017 /PRNewswire/ – Evasc Neurovascular Enterprises ULC announced that it has closed a CAD $10 million Series A venture capital financing round, led by Yonghua Investment Management Co., Ltd. (“Yonghua Capital”) of Shanghai, China. Several of Evasc’s existing investors also participated in the financing. Together with previous seed financing rounds, a total of CAD $27 million has been raised to date for the development and commercialization of the eCLIPs System.
The new funds will be used towards achieving strategic milestones related to the eCLIPs Aneurysm Treatment System in three key areas:
Expand use cases—to demonstrate efficacy for:
Flow disruption at bifurcations, to eliminate the need for embolization coils
Sidewall aneurysms, to broaden eCLIPs’ use to 95% of cerebral aneurysms
Improve ease of use—updated design for simplified deployment as well as use in smaller catheters, to accelerate accessibility and adoption by interventionists
Clinical trials & regulatory approval—continuation of the current EESIS trial and preparation for FDA IDE trial, to further demonstrate the superior efficacy of eCLIPs and gain approval for sale in the USA
“We are excited to welcome Yonghua Capital to the Evasc team. This new funding will allow us to accelerate our plans to transform the cerebral aneurysm repair industry, enabling a much higher level of patient care and successful treatment outcomes than is currently possible”, said Dr. Donald Ricci, President and Chief Executive Officer of Evasc.
About the eCLIPs Aneurysm Treatment System
In development since 2008, eCLIPs is a patented endovascular device designed to treat 95% of cerebral aneurysm cases, and is currently targeted for use in challenging wide-neck bifurcations. eCLIPs combines the best properties of stents and diverters, and can be used for coil retention and to enhance flow disruption. eCLIPs avoids dangerous entry into the dynamic, fragile environment of the aneurysm sac, while protecting and providing a platform for endothelial growth across the bifurcation neck. To date, eCLIPs has been used to treat cerebral aneurysms in over 40 patients in Canada and 8 European countries.
About Evasc Neurovascular
Evasc Neurovascular is a privately held medical device company focused on the development of disruptive endovascular treatments for cerebral aneurysms. Evasc received approval for use of eCLIPs in Canada under the Special Access Program in 2013, and received CE mark approval in 2015. Evasc is headquartered in Vancouver, Canada.
About Yonghua Capital
Yonghua Capital is one of China’s most competitive private equity investors. As the primary investment vehicle of Yongjin Group, Yonghua Capital has rich experience in private equity investment and commits to become the most trustworthy financial service provider in the China capital market. Yonghua Capital has invested in over 100 outstanding companies, among which nearly 60 of which have been listed on stock exchanges.
Evasc Neurovascular is on the web at www.evasc.com.
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