Arsenal Medical, a Watertown, Mass.-based biopharma company developing novel local therapies, has spun out 480 Biomedical, Inc. as a stand-alone company focused on the development of a bioresorbable scaffold for treating occlusive disease in the superficial femoral artery (SFA).
Concurrently, both companies completed financings.
In details, 480 Biomedical has raised $15m to conduct clinical studies for the SFA scaffold that are being initiated in 2011; Arsenal Medical has raised $3m to advance its proprietary nanofiber-based drug delivery and therapeutic foam product platforms.
Both financings were led by Arsenal’s existing investors Polaris Venture Partners, North Bridge Venture Partners and Intersouth Partners. A new strategic investor also participated in the 480 Biomedical financing. In addition to venture funding, Arsenal is also supported by $10m in grants from the Department of Defense, National Institute of Standards and Technology’s Technology Innovation Program (NIST-TIP) and the Bill and Melinda Gates Foundation.
The new company is led by CEO Duke Collier, and executive vice president and CTO Dr. Maria Palasis. Collier, who has been CEO of Arsenal Medical, will continue as its Executive Chairman. 480 Biomedical’s lead product is a bioresorbable, self-expanding scaffold and delivery system, which is initially being developed for the treatment of SFA occlusive disease, a common form of peripheral vascular disease affecting more than 10 million people worldwide. The company expects to begin clinical testing of the scaffold in patients this year.
Arsenal Medical will continue to focus on developing novel, locally acting therapeutic products built on the AxiocoreTM nanofiber-based drug delivery platform and novel therapeutic foam technology.
Dr. James Barry is joining the company as executive vice president and chief operating officer.