Neurovascular device developer Rapid Medical announced today that it has completed an oversubscribed $20 million Series C financing round. The round was led by JAM Capital Partners and MicroPort with participation from Agate JT, RocSon Medtech Fund and existing investors.
The Yokneam-based company will use the funds to complete the TIGER U.S. IDE study and to support speeding up commercial growth of the company's minimally invasive stroke treatment and prevention products worldwide. The proceeds will also be used to develop a commercial presence in the US. ahead of regulatory approvals, expanding the company's sales and marketing efforts in Europe, as well as the development of additional innovative products.
Rapid Medical CEO Ronen Eckhouse said, "This financing round speaks to the potential impact of our products and technology for stroke patients. This financing will enable Rapid to continue to build our commercial footprint and solve unmet clinical needs. We are delighted to have high quality new investors joining us and are excited about the partnership with MicroPort in China."
JAM managing partner John McCallum said, "Rapid Medical's game changing technology should significantly improve stroke treatment and meaningfully expand the size of the market by offering endovascular care to areas in the brain that cannot be treated with the technologies currently on the market. We are encouraged by the success to date and look forward to helping the management team build a world-class company."
Rapid Medical and MicroPort have also entered into a partnership granting MicroPort the marketing rights for Rapid Medical's TIGERTRIEVER and COMANECI products in China. Bruce Wang, the new director chosen by MicroPort said, "We are very pleased to partner with Rapid Medical to bring their premier products to the Chinese market and look forward to substantial advancements in endovascular stroke care."
Dr. Shimon Eckhouse, is Rapid's cofounder and chairman.
Published by Globes, Israel business news - en.globes.co.il - on April 23, 2019
© Copyright of Globes Publisher Itonut (1983) Ltd. 2019