Svelte Medical Systems raises $22 million
Svelte Medical Systems raises $22 million for the Direct II clinical trial of its coronary stent system.
Svelte Medical Systems said it raised $22 million to complete a clinical trial of its coronary stent platforms, taking its total raise to $65 million since 2007.
Venture capital shops New Science Ventures and CNF Investments led the latest round for New Providence, N.J.-based Svelte, which the medical device company said it plans to use to complete its Direct II clinical trial as it gears up for commercialization.
"We appreciate the confidence our investment partners have in us and will work hard to achieve the milestones necessary to realize commercialization of our drug-eluting stent platforms. There are no products presently in the coronary stent market specifically designed to facilitate the trans-radial approach and direct stenting. The low profile of our system, coupled with specialized balloon and drug carrier technologies designed to reduce arterial injury and inflammation, will enhance patient outcomes to address this unmet need," president & CEO Jack Darby said in prepared remarks.