R3 Vascular Announces $87 Million in Series B Financing and Appoints Christopher M. Owens as new President and CEO
2024年5月10日 - 1:00AM
R3 Vascular Inc., a medical device company dedicated to developing
and providing novel, best-in-class bioresorbable scaffolds for
treating peripheral arterial disease (PAD), announced today the
closing of its $87 million Series B financing round. The company
also announced that veteran medical device executive Christopher M.
Owens will serve as its new President and Chief Executive Officer.
Mr. Owens succeeds the founder Kamal Ramzipoor, who will step into
the role of Chief Technology Officer (CTO).
The Series B financing was led by affiliates of Deerfield
Management with participation from existing shareholders including
415 Capital and a strategic investor. R3 Vascular will
use the proceeds to support the ELITE FDA IDE pivotal trial of its
best-in-class bioresorbable scaffold, MAGNITUDE®, for
below-the-knee (BTK) PAD. The funding will also support additional
research and development, global regulatory submissions, scale up
of manufacturing processes and initial commercialization.
MAGNITUDE® is a next generation bioresorbable scaffold with the
potential to address one of the greatest needs for patients
suffering from Chronic Limb-Threatening Ischemia due to below the
knee PAD. As part of the financing, David Neustaedter, Ph.D. and
Michael Hurley, M.D. from Deerfield Management will join R3
Vascular’s Board of Directors.
Commenting on the financing and the appointment of Mr. Owens,
Jack Springer, Executive Chairman of R3 Vascular said, “On behalf
of the R3 Vascular Board of Directors, we are very pleased to
complete this exciting Series B financing and welcome Chris Owens
as President and CEO. Chris has extensive experience and a proven
track record in building and leading category defining medical
device companies. We look forward to his contributions to move the
company into its next phase of growth and beyond, while continuing
to capitalize on this next-generation bioresorbable scaffold
design. We would also like to acknowledge the
significant accomplishments of our founder Kamal Ramzipoor who has
worked tirelessly to establish R3 Vascular as a leader in the
development and manufacturing of fully bioresorbable vascular
scaffolds. His expertise and contributions as CTO will continue to
shape our technology for BTK-PAD as well as for future vascular
applications.”
R3 Vascular’s novel bioresorbable scaffolds are made from a
unique, ultra-high molecular weight polylactic acid polymer. This
polymer, combined with the company’s stent design and proprietary
processing techniques, allow the sirolimus coated scaffolds to be
thinner, stronger, and more flexible even at longer lengths. R3
Vascular scaffolds are specifically engineered to ensure that they
gradually and predictably absorb into the tissue, leaving a more
naturally functioning vessel.
Remarking on his appointment, Chris Owens said, “I am very
pleased to join R3 Vascular and work closely with Kamal Ramzipoor
and the rest of the team to build upon the success of the company
and this transformative breakthrough technology. R3 Vascular’s
novel bioresorbable scaffolds encompass a world-class polymer and
scaffold design that drives significant next-generation advantages
with our technology. This, accompanied with our unparalleled
scalable and flexible manufacturing processes and capabilities,
contribute to the company’s mission to further improve the
treatment and outcomes for patients suffering from PAD. This
significant financing is also a testament to the belief in our
evolutionary bioresorbable scaffold technology to provide treatment
for this significant and growing problem of below-the-knee
PAD.”
Christopher M. Owens has over three decades of experience in the
medical device space and most recently served as President and CEO
of Gynesonics, a privately-held women’s healthcare medical device
company. Prior to Gynesonics, Mr. Owens was President and CEO of
IDEV Technologies, which developed the SUPERA Veritas® stent system
for PAD and was acquired by Abbott Laboratories. Earlier in his
career, Mr. Owens was Vice President of Worldwide Marketing for
MicroVention, which was purchased by Terumo Corporation, and Vice
President of Global Research and Development for the Surgical
Division of Bausch & Lomb.
Commenting on R3 Vascular’s technology, Kamal Ramzipoor said,
“Our mission is to transform the field of peripheral interventions
by providing a pioneering solution to improve the long-term health
of patients around the globe. At the core of our ground-breaking
technology, is an ultra-high molecular weight polylactic acid
polymer with a novel microstructure. This polymer, combined with
the company’s proprietary scaffold design and manufacturing
capabilities provide for unprecedented mechanical properties. R3
Vascular scaffolds strike a critical balance between strength and
flexibility which has enabled designs that are thinner and stronger
in a wide range of diameters and lengths suitable to effectively
treat complex below-the-knee lesions. We strive to become the new
standard of care for PAD interventions.”
David Neustaedter, Ph.D. added, “We are excited to help bring to
market one of the most promising interventions we have seen for
below-the-knee peripheral artery disease and believe R3 has the
potential to impact the tragically high lower extremity amputation
rate.”
According to the American Heart Association PAD is a narrowing
of the peripheral arteries that carry blood away from the heart to
other parts of the body. The most common type is lower-extremity
PAD, where blood flow is reduced to the legs and feet. The National
Institutes of Health estimates PAD affects 8-12 million people in
the U.S. and one in 20 Americans over the age of 50.
The global peripheral vascular device market was valued
at $12.9 billion in 2023 and is expected to reach $17.4
billion by 2030 with significant growth coming from the below the
knee segment.
About R3 Vascular Inc.R3 Vascular is a
privately-held medical device company that developed a novel
technology platform for fully bioresorbable sirolimus coated
vascular scaffolds that are designed to deliver the ‘stent-like’
support of a scaffold along with the anti-inflammatory result of
sirolimus, but ‘disappearing’ over time as the vessel heals. R3
Vascular is headquartered in Mountain View, California. More
information can be found at www.r3vascular.com.
About Deerfield ManagementDeerfield is an
investment management firm committed to advancing healthcare
through investment, information and philanthropy. The firm works
across the healthcare ecosystem to connect people, capital, ideas
and technology in bold, collaborative and inclusive ways. For more
information, visit www.deerfield.com.
Media Contact:David Gutierrez, Dresner
Corporate Services, (312) 780-7204, dgutierrez@dresnerco.com
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/44ce6521-7a1a-4b18-ba25-689902ad890d