Advanced Bifurcation Systems Announces First Closing of Series A Financing
LIVERMORE, Calif., Dec. 16, 2020 /PRNewswire/ -- Advanced Bifurcation Systems, Inc. (ABS), a Livermore, CA-based maker of the ABS System, a proprietary stent delivery system that is specifically designed to efficiently treat coronary bifurcation lesions, is pleased to announce the first closing of an $11 million Series A equity financing. The round was led by Cedars-Sinai, an internationally renowned academic medical center, and by a leading medical device manufacturer.
Founded by cardiologist Dr. Mehran Khorsandi and medical devices engineer Henry Bourang, ABS is positioned to solve one of the most technically challenging problems – the treatment of coronary bifurcation lesions - that has eluded the medical device world since coronary stents were first implanted in humans in 1986. Coronary bifurcation lesions are prevalent in about 30% of Coronary Artery Bypass Grafting procedures and about 20% of Percutaneous Coronary Intervention procedures. Patients confronting coronary bifurcation lesions are currently left with only two options: either complex stenting procedures with suboptimal and unpredictable results, or higher risk and more expensive, open-heart surgery.
The ABS System is specifically designed to efficiently treat coronary bifurcation lesions with predictable results. The ABS System, which is protected by more than 50 issued US and international patents, uniquely addresses this $2.4 billion market comprised of 400,000 procedures annually.
From prototype to final product, the ABS System has been evaluated through bench testing, animal implants and ten human implants across three international medical centers – all with successful results. Proceeds from the financing will be used to conduct in-human testing in accordance with the FDA PMA process, and enable ABS to seek a FDA Investigational Device Exemption for an Early Feasibility Study – both preconditions to the commencement of ABS's Pivotal Trial.
About Advanced Bifurcation Systems, Inc.
Advanced Bifurcation Systems (ABS) is a clinical stage medical devices company developing an innovative stenting platform for simple treatment of all bifurcation lesions in coronary angioplasties. The Company's groundbreaking system consists of numerous differentiating features, including a unique modular independently movable dual-catheter system for provisional side-branch stenting as well as full bifurcation stenting with a proprietary crimping technology allowing for partial crimping of the main stent. For more information, go to www.advancedbifurcation.com.
Advanced Bifurcation Systems, Inc.
Dr. Mehran Khorsandi
Chairman & CEO
President & COO
SOURCE Advanced Bifurcation Systems