Vascular Magnetics Inc., a Philadelphia-based developer of magnetically targeted drug delivery system for the treatment of peripheral artery disease, has raised $7m in Series A financing.
Devon Park Bioventures was the sole investor in the deal.
The company intends to use the funds to complete the preclinical development of its system and conduct an initial clinical trial, which is expected to begin in 2014.
Established in 2010 by founding scientist, Robert J. Levy, MD, and COO Richard S. Woodward, PhD, Vascular Magnetics is developing a treatment for peripheral artery disease that is designed to target anti-restenotic drugs specifically to diseased arterial sites and deliver doses not achievable with a drug eluting stent.
Its approach, called Vascular Magnetic Intervention (VMI), combines a magnetic targeting catheter, and external magnetic device, along with drug-loaded biodegradable particles.
The company, which was seeded by the QED Proof of Concept Program at the University City Science Center in Philadelphia, has licensed its technology from Children’s Hospital and is the first spin out from that institution.
In conjunction with the financing, Christopher Moller, PhD, and Marc Ostro, PhD, General Partners at Devon Park Bioventures, will join Vascular Magnetics’ Board. They join Dr. Gemayel, Dr. Woodward, and Abba Krieger, PhD, Robert Steinberg Professor of Statistics and Operations Research at the Wharton School of Business.