Cagent Vascular Raises over $30 Million in Series C Financing Round to Accelerate US Market Expansion
Cagent Vascular, a leading medical device company focusing on the treatment of peripheral artery disease (PAD) and chronic limb-threatening ischemia (CLTI), has successfully closed a series C financing round, raising more than $30 million. The funds will be used to expedite the adoption of their innovative Serration Angioplasty Technology and expand their product portfolio.
The financing round was led by US Venture Partners (USVP), a prominent venture capital firm, with participation from new investor Blue Ridge Medical and existing investors, including Sectoral Asset Management. The significant investment from USVP and others demonstrates the confidence in Cagent Vascular’s cutting-edge technology and its potential to revolutionize the treatment of PAD and CLTI.
Cagent Vascular CEO, Carol Burns, expressed her satisfaction with the funding, stating, “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 have been used to treat those suffering from peripheral artery disease. This infusion of capital will increase our commercial reach, helping to provide greater access for healthcare providers and their patients.”
Serranator, Cagent Vascular’s flagship product, has already received 510k clearance from the US Food and Drug Administration and is currently available in the US with limited distribution in Europe, having obtained CE Mark approval. The device is designed to dilate lesions in various arteries, addressing issues in the iliac, femoral, iliofemoral, popliteal, and infrapopliteal regions. Additionally, it can effectively treat obstructive lesions in native or synthetic arteriovenous dialysis fistulae.
One of the standout features of Serranator is its unique mechanism of action. The device incorporates three embedded serrated elements that create linear, interrupted scoring, assisting in arterial expansion. This mechanism has been shown to achieve greater lumen gain, a crucial factor in 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, specifically in reducing elastic recoil, a common issue observed with plain angioplasty balloons, in below-the-knee lesions. The study showed that the Serranator group experienced only 6% mean elastic recoil, compared to 55% in the plain balloon group, suggesting potential improvement for CLTI patients.
US Venture Partners expressed their enthusiasm for Cagent Vascular’s innovative technology and the positive impact it can have on PAD patients. Casey Tansey, a general partner at USVP, said, “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.”
With the recent funding, Cagent Vascular is poised to make significant strides in expanding its commercial reach and providing healthcare providers and patients with greater access to its groundbreaking Serration Angioplasty Technology. The company’s commitment to revolutionizing the treatment of PAD and CLTI positions them as a key player in the medical device industry.
Analyst comment
Positive news. Cagent Vascular has raised more than $30 million in a series C financing round to accelerate the adoption of their Serration Angioplasty Technology. The funds will also be used to expand their product portfolio. This investment demonstrates confidence in Cagent Vascular’s technology and its potential to revolutionize the treatment of peripheral artery disease and chronic limb-threatening ischemia (CLTI). The company is expected to increase its commercial reach and provide greater access to healthcare providers and patients. This positions Cagent Vascular as a key player in the medical device industry.
