HOUSTON--(BUSINESS WIRE)--IDev Technologies, Inc., an emerging leader in the development and marketing of minimally invasive stent systems for the treatment of peripheral vascular and non-vascular diseases, today announced that it has closed a $25 million Series C round of financing. The financing was secured entirely by existing investors which include: PTV Lifesciences, Rivervest Venture Partners, Bay City Capital, Heron Capital, members of the senior management team, corporate advisors to the company and initial independent investors.
Thomas M. Tully, Chairman and CEO commented, “We are very pleased to have completed this round of financing as we enter into the full commercialization phase of the SUPERA® Transhepatic Biliary System. We also continue to be steadfast in our clinical trial and regulatory initiatives. The unanimous support from our existing investor base is just one indicator of the exceptional business opportunity that exists for this organization.”
The wire interwoven nitinol (W.I.N.) design of the SUPERA® Biliary Self Expanding stent represents an advance over traditional laser cut nitinol tube stents. Unlike traditional laser cut nitinol tube stents, the W.I.N. design allows for enhanced radial force without compromising product flexibility. The SUPERA® Biliary Self Expanding stent has been tested and proven to withstand over 10,000,000 cycles of repeated compression, torsion and bending flexion bench tests up to 120 degrees without fracture. The combined benefits of enhanced radial force and flexibility are expected to improve product durability for patients by reducing the incidence of stent kinking, crushing and fracturing. The SUPERA® Biliary Self Expanding stent has received 510(k) clearance for the palliative treatment of biliary strictures produced by malignant neoplasms in the U.S. and CE Mark Approval for both peripheral vascular and non-vascular applications in Europe.
About IDev Technologies
IDEV Technologies, Inc. (“IDEV”), located in Houston, Texas, is an innovator and developer of next generation medical devices for use in the interventional radiology, vascular surgery and cardiology device marketplace. IDEV is based in Houston, Texas and its current portfolio contains over thirty technologies exclusively licensed from the M.D. Anderson Cancer Center, representing over a $5.0 billion dollar market opportunity worldwide.
Contact:
IDev Technologies, Inc., Houston Tony Anzalone, 281-333-1998 Vice President Marketing
Source: IDev Technologies, Inc.
