WEBSTER, Texas, Oct. 7 /PRNewswire/ -- IDEV Technologies, Incorporated (IDEV), an emerging leader in the development and commercialization of minimally invasive medical technologies, today announced that it has completed a $46 million Series D round of financing, with Piper Jaffray & Co.'s Merchant Banking Fund (PJC Capital LLC) and a leading strategic global healthcare company as the two new investors. The financing also included strong support and additional investment from existing venture capital firms PTV Sciences, Bay City Capital, RiverVest Venture Partners and Heron Capital.
The proceeds from the financing will be used to fund SUPERB, the ongoing, multi-center IDE superficial femoral artery clinical trial for the company's self-expanding SUPERA® stent, new clinical trials in support of other peripheral artery indications, the development of new interventional products, and sales and marketing initiatives to support continued revenue growth. IDEV continues to achieve success from the recent European launch of its SUPERA VERITAS™ Peripheral Vascular System, an easy to use, reliable and precise stent delivery system developed to deliver the SUPERA stent. In addition, the company is pleased with the positive market reaction to the initial data released from a European registry which yielded promising results in the superficial femoral (SFA) and popliteal arteries. The company is very encouraged by these preliminary data and believes it demonstrates the durability of the innovative self-expanding SUPERA stent.
Christopher M. Owens, President and CEO of IDEV, said, "We have strong support from our existing investors and we are excited to be working with our two new corporate partners, Piper Jaffray, a leading international investment bank and institutional securities firm with significant experience in the medical technology sector and the additional new investor, a leading strategic global hea