Cagent Vascular has closed a series C financing round, raising more than $30m, to expedite US market adoption and expand the Serration Angioplasty Technology product portfolio.
The financing round was led by US Venture Partners (USVP), with participation from new investor Blue Ridge Medical and existing investors, including Sectoral Asset Management.
Cagent Vascular CEO Carol Burns said: “We are pleased with the significant investment from US Venture Partners and other new and existing investors.
“To date, we estimate that over 10,000 Serranator PTA serration balloon catheters (Serranator) have been used to treat those suffering from peripheral artery disease (PAD).
“This infusion of capital will increase our commercial reach, helping to provide greater access for healthcare providers and their patients.”
Serranator is designed to treat PAD and chronic limb-threatening ischemia (CLTI).
It has received 510k clearance from the US Food and Drug Administration and is currently available in the US with limited distribution in Europe with CE Mark approval.
Serranator is intended for dilatation of lesions in various arteries, including the iliac, femoral, iliofemoral, popliteal, and infrapopliteal, as well as to treat obstructive lesions of native or synthetic arteriovenous dialysis fistulae.
It features three embedded serrated elements that create linear, interrupted scoring to aid arterial expansion and has a mechanism of action that has been shown to achieve greater lumen gain, which is crucial for restoring blood flow and promoting wound healing and symptom relief in patients.
A study published in the Journal of Endovascular Therapy highlighted Serranator's effectiveness.
It showed a significant reduction in elastic recoil, a common issue with plain angioplasty balloons, in below-the-knee lesions.
The Serranator group experienced only 6% mean elastic recoil compared to 55% in the plain balloon group, indicating a potential improvement for CLTI patients.
USVP general partner Casey Tansey said: “At US Venture Partners, we understand the challenges facing PAD patients and are keenly aware of the need for innovation for this vulnerable patient population.
“As we reviewed the impressive clinical data and spoke to physicians about their patient outcomes, it was clear that serration angioplasty is truly innovative. This was further underscored by the strong early commercial success driven by the exceptional team at Cagent Vascular.”
