Direct Flow Medical, Inc., a Santa Rosa, California-based medical device company focused on next generation, transcatheter technologies to treat patients with heart disease, closed a $32m financing.
The financing included $17m in private equity, led by new investor SV Life Sciences and a new strategic investor, and the second tranche of a $50m debt facility from PDL BioPharma worth $15m.
Proceeds will be used to complete the U.S. SALUS pivotal trial and accelerate growth of the Direct Flow Medical system outside of the U.S.
Founded in 2004 and led by Bernard E. Lyons, PhD, President and Chief Executive Officer, Direct Flow Medical has developed a transcatheter aortic replacement system applicable to the treatment of aortic stenosis, and aortic insufficiency and mitral disease. The system is commercially available in Europe while in the U.S. is progressing towards regulatory approval.
The company, which also announced the appointment of Chris Richardson as its first Chief Commercial Officer, has technology and manufacturing facilities in Lake Forest, California.
FinSMEs
05/12/2014