Cagent Vascular, a Wayne, Pa.-based developer of angioplasty balloons using proprietary serration technology, completed an $11.87m in Series B funding.
The round was led by two strategic investors including one that participated in the Series A financing. Additional participants included Balestier Investments, Ben Franklin Technology Partners of Southeastern PA, Synergy Ventures, and other private investors.
Co-founded by Carol A. Burns, President and CEO, Peter Schneider, MD, Vascular Surgeon, Chief Medical Officer, and Robert Giasolli, VP of Research and Development, Cagent is advancing The Serranator®, an angioplasty device with serrated metal strips embedded on a semi-compliant balloon. The Serranator’s technology is designed to create multiple longitudinal lines of interrupted micro-serrations within the luminal surface to aid in arterial expansion with the result to have predictable and controlled lumen gain.
The company’s first device, the Serranator Alto, received FDA 510(k) clearance and CE Marking in 2017 and is indicated for the treatment of diseased femoral and popliteal arteries, dysfunctional AV access grafts and AV fistulae.
The company intends to use the proceeds to scale manufacturing and initiate a limited launch of its first product, the Serranator® Alto, support development efforts to build upon existing confirmatory data, expanding indications, and receiving additional regulatory clearances.
The next product in the Serranator family of PTA serration balloon catheters will be the Serranator Bass, for use in infrapopliteal arteries.