Obsidio, Inc., a Columbia, S.C.-based pre-clinical stage medical materials developer, closed a $3m funding round.
The round was led by IAG Capital Partners with participation from returning investors Good Growth Capital and other angel investors. In addition, The National Science Foundation (NSF) awarded Obsidio with a $225k Phase I Small Business Innovation Research (SBIR) grant.
The company plans to use the proceeds for clinical development of its embolic hydrogel material.
Led by Dr. Ehsan Jabbarzadeh, Chief Executive Officer, and Dr. Rahmi Oklu, Chief Medical Officer, Obsidio is developing a shear-thinning biomaterial for transcatheter intravascular embolization. Deploying the biomaterial is a minimally invasive procedure used to control bleeding, close off vessels supplying blood to a tumor, eliminate abnormal connections between arteries and veins, and treat aneurysms. Obsidio’s embolization material can be used for a broad range of indications, is injectable via a wide range of catheters, is compatible with most imaging techniques, and will be available off-the-shelf, eliminating the inventory costs associated with embolic devices such as coils used today.