Watertown, MA-based sister companies Arsenal Medical and 480 Biomedical announced $26.5m in combined funding from a committed syndicate of investors to advance their respective product platform.
In details:
– Arsenal Medical, a company developing novel, polymer based foam and nanofiber products, raised $16m in funding from Polaris Partners, North Bridge Venture Partners, and Intersouth Partners. The round included a conversion of debt, in addition to new equity financing.
– 480 Biomedical, a clinical stage company developing innovative bioresorbable scaffold products, raised $10.5m in funding from Polaris Partners, North Bridge Venture Partners, and Intersouth Partners in conjunction with a long term strategic investor. The round included a conversion of debt, in addition to new equity financing.
The companies, which spun out one from the other in late 2011 and continue to share lab space and resources, are jointly led by President and CEO Dr. Maria Palasis, who assumed leadership of both organizations in January 2015.
Arsenal Medical is developing two technology platforms: an in situ forming foam technology and a coaxial nanofiber technology. 480 Biomedical is advancing a self-expanding, bioresorbable scaffold platform technology to treat vascular disease in adult and pediatric patients. This technology provides the ability to support the vessel during healing and leave nothing behind post treatment due to its bioresorbability. The company’s lead application is the treatment of adult superficial femoral artery disease utilizing a drug-eluting scaffold, and is currently being studied in a global clinical study. For pediatric patients, the company has advanced the development of a bioresorbable scaffold to treat pulmonary artery stenosis in patients who have limited treatment options.
FinSMEs
01/06/2015