NEW PROVIDENCE, N.J.--(BUSINESS WIRE)--Svelte Medical Systems, Inc. is pleased to announce that it has successfully raised an additional $6M, bringing the total investment to $20 million from institutional and private investors including CNF Investments, Apjohn ventures and the Fishell family. The additional funding will work to continue to support Svelte Medical Systems’ clinical trials and to expand its overall operational infrastructure.
“This is an exciting event as it signals the achievement of significant milestones within the company and firmly positions us to continue with our strategic plan to bring a unique and much anticipated product to the coronary marketplace,” said Mark Pomeranz, President and CEO.
Svelte Medical Systems is a private company engaged in the development of highly deliverable balloon expandable stents with the focus to reduce time and cost in an angioplasty procedure. The company’s “Stent-on-a-Wire” system is a low profile, highly flexible stent system which navigates the vasculature in a similar fashion to a traditional guidewire. This unique design may allow physicians to eliminate several steps in the current stenting procedure and reduce the need for some ancillary devices resulting in potential cost savings that could amount to as much as $1,000 per case. The company is also pursuing a drug eluting version of its “Stent-on-a-Wire” design.
Statements made in this press release that look forward in time or that express beliefs, expectations or hopes regarding future occurrences or anticipated outcomes or benefits are forward-looking statements. A number of risks and uncertainties such as risks associated with product development and commercialization efforts, results of clinical trials, ultimate clinical outcomes and benefit of the Company’s products to patients, market and physician acceptance of the products, intellectual property protection and competitive product offerings could cause actual events to adversely differ from the expectations indicated in these forward looking statements.
