AirXpanders Inc., a Palo Alto, CA-based company developing technology to address unmet needs for patients who require tissue expansion for breast reconstruction surgery, has secured $10m in Series D financing.
The round includes $7m from new investor Vivo Ventures and $3m from existing investors GBS Venture Partners, Prolog Ventures, Heron Capital and WTI.
The company will use the proceeds to complete its ongoing Investigational Device Exemption (IDE) study of the AeroForm™ Patient Controlled Tissue Expander System in the U.S., obtain a CE Mark and to execute market launches in the U.S., Europe and Australia following clearance.
The results of the IDE Study will be used to support AirXpanders’ 510(k) application in the U.S. later this year.
The AeroForm Patient-Controlled Tissue Expander System consists of a self-contained expander – which is implanted in the same manner as a traditional saline expander following mastectomy – and a small hand-held wireless remote control unit. A small lipstick-sized carbon dioxide reservoir in the expander gradually releases carbon-dioxide through a small internal valve, eliminating the need for invasive weekly saline injections typically associated with current on-market expanders.
The company is led by President and Chief Executive Officer Scott Dodson.