PARIS--(BUSINESS WIRE)--Arterial Remodeling Technologies (“ART”) announced today that it has closed on a new venture financing round of $8.5 million from existing investors Matignon Technologies and Amundi Private Equity Funds, along with new investor InnoBio Fund managed by CDC Entreprises. Total investment in the Company is now $17 million.
“We are very enthusiastic about the prospects for ART—because we believe that bioresorbable stents are the future of interventional cardiology, and that ART is well-positioned in this sector”
In May 2010, ART disclosed the results of an in vivo study of 48 porcine arteries implanted with its biodegradable stent, which demonstrated that: (1) the ART stent’s biodegradation is measurable and begins at the first day of implant; (2) the ART stent retains high radial strength, thus maintaining its structural integrity during biodegradation; and, (3) the ART stent causes virtually no inflammation of the blood vessel wall.
“ART has made very significant progress over the past 22 months, and this new cash infusion will accelerate the development of our breakthrough approach of simultaneously balancing biocompatibility, biomechanics, and bioresorption within a bioresorbable PLA (polylactic acid) stent,” said Machiel van der Leest, CEO, who previously was a co-founder and Chief Technology Officer of Minvasys. During his career he has developed and successfully introduced 15 Class III medical devices, which required pre-market approval and a scientific review to ensure safety and effectiveness.
“We are very enthusiastic about the prospects for ART—because we believe that bioresorbable stents are the future of interventional cardiology, and that ART is well-positioned in this sector,” said Philippe Boucheron, Investment Manager, InnoBio Fund.
Earlier this year, validating data regarding ART’s next-generation bioresorbable stent was published in the January 2010 special supplement of EuroIntervention, a peer-reviewed journal. The paper was authored by Antoine Lafont, M.D., Ph.D., Head, Interventional Cardiology Department, Georges Pompidou Hospital (Paris); Past Chairman, Interventional Cardiology Group, European Society of Cardiology (ESC).
ART’s bioresorbable stent is designed to be delivered by conventional stenting techniques, is balloon-expandable, and meets the market standard of 6-French compatibility. ART’s novel biopolymers have been developed in conjunction with one of the world’s leading authorities in polymer chemistry, Professor Michel Vert, who is Former Director of the Research Center for Artificial Biopolymers at France’s National Center for Scientific Research (Centre National de Recherche Scientifique/CNRS).
InnoBio is a €140 million French venture capital fund managed by CDC Entreprises. Its subscribers include some of the leading international pharmaceutical companies. The fund’s mission is to make direct equity and quasi-equity investments in Life Sciences companies with innovative technology products and services. InnoBio’s investor team is led by Laurent Arthaud.
CDC Entreprises is a management company authorized by France’s financial market regulator, the AMF, and a wholly-owned subsidiary of the Caisse des Dépôts. The largest subscriber of CDC Entreprises’ funds is the Caisse des Dépôts group (notably the “Fonds Stratégique d’Investissement”, FSI). Other subscribers include public and private financial institutions and industry firms.
Matignon Investissement et Gestion is a European, independent management company with approximately €200 million under management, including its recent vehicle, Matignon Technologies II FCPR, one of the largest European funds dedicated primarily to medical technologies.
Amundi Private Equity Funds (Amundi PEF) has assets under management of €4.2 billion. With over 60 investment professionals based in Paris, Bucharest, Casablanca, Tunis and Warsaw, Amundi PEF helps companies at every stage of their growth, from creation to transmission, and forms long-standing and trusting relationships with its clients. Amundi PEF is an expertise of the Amundi Group.
About Arterial Remodeling Technologies (“ART”)
Arterial Remodeling Technologies (“ART”) is developing bioresorbable coronary polymer stents that are designed to promote the natural remodeling of an injured artery after angioplasty. The Company’s technology is based on intellectual property originating from three esteemed institutions: the Cleveland Clinic; the French national research institute, CNRS (Centre National de Recherche Scientifique), Montpellier, France; and, Descartes University, Paris.
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