R3 Vascular Raises $87M in Series B Financing

R3 Vascular, a Mountain View, CA-based medical device company, raised $87M in Series B funding.

The round was led by affiliates of Deerfield Management with participation from existing shareholders including 415 Capital and a strategic investor.

The company intends to use the funds to support the ELITE FDA IDE pivotal trial of its bioresorbable scaffold, MAGNITUDE®, for below-the-knee (BTK) PAD. The funding will also support additional research and development, global regulatory submissions, scale up of manufacturing processes and initial commercialization.

Led by newly announced President and CEO Christopher M. Owens, R3 Vascular is a medical device company that has developed a novel technology platform for fully bioresorbable sirolimus coated vascular scaffolds that are designed to deliver the ‘stent- like’ support of a scaffold along with the anti-inflammatory result of sirolimus, but ‘disappearing’ over time as the vessel heals.

The novel bioresorbable scaffolds are made from an ultra-high molecular weight polylactic acid polymer. This polymer, combined with the company’s stent design and proprietary processing techniques, allow the sirolimus coated scaffolds to be thinner, stronger, and more flexible even at longer lengths.