The Gary and Mary West Health Investment Fund has given a $5 million equity investment to Svelte Medical Systems, a statement about the funding said.
With the funding, West Health Investment Fund joins CNF Investments and New Science Ventures as a major backer in the New Providence, New Jersey-based developer of balloon expandable stents. Proceeds from the latest round will be added to the new capital amounting to $22 million that Svelte Medical Systems also secured recently. The funding will be deployed for getting regulatory approval in the US and Japan. It will also go towards the improvement and activities for the commercial preparation of the company's coronary stent Integrated Delivery System and Rapid-Exchange platforms, the statement said.
Svelte Medical Systems President and Chief Executive Officer Jack Darby said, "The addition of the West Health Investment Fund to our current investors validates the important work we are doing to bring new technology to the interventional cardiology market that improves outcomes while reducing procedural complexity and cost. Svelte products are specifically designed to enhance the trans-radial approach and direct stenting, market segments clearly demonstrating improved patient outcomes coupled with procedural efficiencies and cost reductions to the healthcare system. With 0% clinically-driven MACE in our first-in-man drug-eluting stent study now reported through 20-months, we are excited about the positive impact our technology will have on interventional cardiology."
The company's Integrated Delivery System or IDS does away with the need to have guide wires and PTCA balloons because a wire, balloon and stent are all integrated into the coronary stenting system. As a result, the procedure is shortened and expenses are lessened for many stenting cases compared with conventional coronary artery stenting. The IDS is typically utilized for trans-radial approaches and has also been utilized in procedures where 4 and 5 French diagnostic catheters are used, the statement said.
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