Ariste Medical, Inc., a Memphis, Tenn.-based biotechnology company developing drug-eluting devices to reduce infection, restenosis, and thrombosis, has raised $1.275m in seed funding.
Backers were not disclosed.
The company intends to use the capital to advance the vascular graft program and to expand this technology to additional implantable devices made from polytetrafluoroethylene (PTFE) and expanded PTFE ( ePTFE).
Led by Brian Best, CEO, Ariste also said that a key patent has been issued by the United States Patent and Trademark Office (U.S. patent #8,236,338), which covers a formulation capable of coating polytetrafluoroethylene and expanded PTFE, more commonly known as Teflon® and Gore-Tex®, respectively. The coating is capable of incorporating multiple pharmaceutical agents, enabling surgically implantable medical devices made from PTFE or ePTFE to also be used as drug-delivery devices.
The company, which is based in the Memphis Bioworks Foundation incubator within the UT-Baptist Research Park in Memphis, Tenn., is presently developing a drug-eluting vascular graft for the prevention of restenosis-induced graft failure in hemodialysis patients.