Svelte Medical Systems raises USD22 million in funding round
Svelte Medical Systems had completed a recent round of financing, which amounted to approximately USD22 million of new capital. With the help of current investors led by CNF Investments and New Science Ventures, the total investment to Svelte Medical since 2007 reached approximately USD65 million.
The proceeds gained from this latest round of funding would be used for the DIRECT II (Direct Implantation of Rapamycin-Eluting stents with bioabsorbable drug Carrier Technology) study. It would also be used for the commercialization of the Svelte drug-eluting coronary stent Integrated Delivery System (IDS) and Rapid-Exchange (RX) platforms in Europe and expansion of its infrastructures.
The results of the DIRECT II study will be released next year. The commercialization of the IDS and RX platforms is set to start on 2015.
Svelte Medical Systems President and CEO Jack Darby said, "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."
Svelte Medical Systems is a private company based in New Providence, New Jersey. It focuses on developing highly deliverable balloon expandable stents.