Devices & Diagnostics, Hospitals

Fischell stent development co. raises $17 million in series B round

Svelte Medical Systems, a medical device company started by serial entrepreneurs Robert Fischell and his […]

Svelte Medical Systems, a medical device company started by serial entrepreneurs Robert Fischell and his sons David and Tim, has raised $17 million in a series B Round of financing — just under half of its $37 million target to develop its first- and second-generation stents for cardiac surgery.

Its Acrobat all-in-one stent received a CE mark for regulatory approval in the European Union last year.

In an interview with MedCity News, Mark Pomeranz, the CEO of Svelte Medical Systems, said the funding is intended to achieve pivotal CE mark trials for its second-generation, drug-eluting version of the Acrobat stent; expand sales and marketing efforts for its Acrobat all-in-one stenting system in Europe; and to initiate clinical trials on the Acrobat stents in the United States.

Pomeranz said the New Providence, New Jersey company’s Acrobat stent is the first advancement in delivering stents into the body in the past 15 years.

“It eliminates over 50 percent of the steps in a stenting procedure as well as the stenting products used; it saves costs, reduces radiation exposure [because Fluroscopy use is reduced] to patients and physicians. Because you are taking out steps, the procedure is quicker.”

Although the first-generation stent is designed for the heart, Pomeranz said it planned in the future to move into other areas of the body, including the lower extremities — particularly vessels below the knee around the ankle area — as well as the neurovascular arena.

The company has three major competitors in the U.S. market — Medtronic (NYSE:MDT), Abbott Laboratories (NYSE: ABT) and Boston Scientific (NYSE:BSX).

Pomeranz admitted that fundraising in the series B round has been taking longer, partly because investors believe the process of getting medical devices approved is getting much tougher than it actually is.

Svelte Medical Systems was founded in 2007. Prior to Svelte, Pomeranz worked for Johnson & Johnson (NYSE:JNJ) where he served in several positions that included vice president of new product development for Cordis Cardiology.

Shares0
Shares0