Svelte Medical Systems, a New Providence, New Jersey-based company that develops highly deliverable balloon expandable stents, raised $16m in funding.
Backers included current investors CNF Investments, the Gary and Mary West Health Investment Fund and New Science Ventures. Richard Dakers of the Gary and Mary West Health Investment Fund joined Svelte’s board of directors.
The company intends to use the funds to support ongoing operations, expand infrastructure and commercialize the products in Europe during the second half of 2015.
Led by Jack Darby, President and CEO, Svelte Medical Systems provides drug-eluting coronary stent-on-a-wire Integrated Delivery System (IDS) and Rapid-Exchange (RX) platforms.
The Svelte IDS incorporates Asahi wire tip technology and is designed to optimize transradial (through the wrist) interventions (TRI) with a “slender” approach to Percutaneous Coronary Intervention (PCI).