Svelte Medical Systems, Inc., a New Providence, NJ-based company engaged in the development of highly deliverable balloon expandable stents with the focus to reduce time and cost in an angioplasty procedure, announced that it has successfully raised additional $6m in equity financing.
This funding brings the total amount of capital the company has raised to date to $20m.
Institutional investors include CNF Investments, Apjohn ventures and the Fishell family.
The funds will be used to continue to support Svelte Medical Systems’ clinical trials and to expand its overall operational infrastructure.
The company’s “Stent-on-a-Wire” system allows 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.