Vascular Dynamics, Inc., a Mountain, View, CA-based medical device company developing novel solutions for the treatment of hypertension, completed a $10.4m financing.
The private placement included all major current investors. The promissory notes issued in the financing are expected to convert into prospective Series C financing.
The company intends to use the proceeds to conduct studies for its investigational MobiusHD® system.
Led by Robert Stern, president and CEO, Vascular Dynamics develops catheter-delivered technologies for the treatment of resistant hypertension. Its MobiusHD device, covered by nine issued and numerous pending U.S. and international patents, recently received CE Mark but is not commercially available in the United States.
The company has already been accepted into the Food and Drug Administration’s Feasibility Study Investigational Device Exemptions (IDE) program, as well as its Expedited Access PMA program, designed to potentially shorten time to approval for marketing.