Reverse Medical Corp., an Irvine, Calif.-based developer of technologies for treating acute ischemic strokes, has raised $14 million in Series B funding. New backers included Wexford Capital, Getz Bros., BioStar Ventures, Early Stage Partners and Emergent Medical Partners. Return backers included NBGI Ventures, MedFocus Funds and South Australian Life Science Advancement Partnership.
Reverse Medical Corporation announced today the closing of their Series-B private equity financing. The Company raised $14 million from new investors Wexford Capital, Getz Bros., BioStar Ventures, Early Stage Partners and Emergent Medical Partners. Current investors NBGI Ventures, MedFocus Funds and South Australian Life Science Advancement Partnership also participated in this financing.
Commenting on the financing, President and Chief Executive Officer Jeffrey Valko said, “Despite a challenging financing market, our investors recognize the differentiated value of the Reverse Medical technology for revascularizing patients experiencing Acute Ischemic Stroke, and the rapidly expanding neurovascular device market. Our technology platform uniquely offers the physician multiple progressive therapeutic options, all from a single device. Most important, rapid arterial revascularization has been demonstrated to be the number one predicator of favorable clinical outcomes following a stroke. Our technology also has the capability for super-selective infusion during the revascularization process. In addition, the device will perform thrombectomy in a similar fashion as conventional devices being used today. This financing will allow Reverse to continue our rapid progress toward worldwide commercialization and profitability.”
Reverse Medical has CE Mark approval for the ReStore™ Microcatheter for performing thrombectomy. The Company’s ReCruit™ Microcatheter has US FDA 510k marketing clearance for foreign body retrieval from the neurovasculature. During the third quarter of 2010, the Company plans to begin patient enrollment for the ReStore Microcatheter under a US IDE for neurovascular thrombectomy. Currently, the ReStore Microcatheter is for Investigational Use Only in the U.S.
Reverse has also developed the RePort™ Guide Catheter which will be used in conjunction with the ReStore device to treat neurovascular disorders. The RePort has the unique capability to traverse deep into the smaller vessels of the neurovascular anatomy.
Stroke is an often debilitating event that affects blood flow leading to and within the brain, and occurs suddenly in millions of people per year worldwide. Stroke is the number three cause of death in the US, behind diseases of the heart and cancer. An ischemic stroke occurs when a blood vessel that carries oxygen and nutrients to the brain is blocked by a clot.
Reverse Medical was founded and incubated by The MedFocus Fund in Irvine, California in 2007. Reverse has developed a number of patented technologies for both treating and preventing Acute Ischemic Strokes in patients where few treatment options remain.