Vivasure Medical, a Galway, Ireland-based developer of a novel bioabsorbable technology for percutaneous vessel closure, completed a €16.2m (approx. $18.3m) Series C financing.
The round was led by LSP (Life Sciences Partners), investing from its LSP Health Economics Fund, and co-led by Evonik Venture Capital, alongside Panakes Partners with returning Series A and B investors led by Fountain Healthcare Partners.
The company intends to use the funds for European commercialization of its PerQseal™ technology to meet the demand for absorbable, percutaneous vessel closure products, as well as execution of a U.S. Food and Drug Administration (FDA) regulatory study.
Led by Gerard Brett, co-founder and CEO, Vivasure Medical develops the Vivasure Closure Device, an approved fully bioabsorbable, sutureless and entirely synthetic option to close large-bore arteriotomies that result from percutaneous transcatheter procedures, including transcatheter aortic valve replacement (TAVR) and endovascular abdominal aortic aneurysm repair (EVAR).
It is the first product from its PerQseal™ technology platform.