Ablative Solutions said today that it closed a $77 million Series D funding round slated to help support its technology platform intended to treat hypertension.
The round was led by newly invested Gilde Healthcare and co-led by existing investor BioStar Ventures and an undisclosed new strategic corporate investor, the Kalamazoo, Mich.-based company said. Existing investors Michigan Accelerator Fund, Novus Biotechnology and other investors also joined the round, the company said.
“BioStar Ventures focuses on transformational health care investments, and we believe Ablative Solutions fits that model perfectly. We are enthusiastic about the company’s innovative approach to treating high blood pressure, a serious condition that impacts more than one billion people worldwide. Ablative Solutions’ patented technology enables a streamlined procedure that has the potential to become an important adjunctive therapy to improve difficult-to-control blood pressure,” BioStar Ventures managing director Dr. Michael Fulton said in a press release.
“Hypertension creates a significant burden on the healthcare system, increasing the risk of serious cardiovascular events and stroke. We see tremendous potential for Ablative Solutions’ approach and believe the team has a solid plan for building the clinical data through the TARGET BP clinical program,” Gilde Healthcare’s Geoff Pardo said in a prepared statement.
Funds will be used to support the completion of clinical trials as the company seeks both EU and U.S. regulatory clearance for its Peregine System, a minimally invasive renal denervation technology intended to reduce blood pressure in patients with uncontrolled hypertension.
Ablative Solutions’ Peregrine System is an infusion catheter that delivers diagnostic and therapeutic agents to the perivascular space surrounding blood vessels. The 510(k)-cleared device includes three microneedles that remain within radiopaque guide tubes prior to drug delivery. After the device is positioned, the microneedles are deployed simultaneously, according to Ablative.
“We have been supported the past few years by an amazing team of clinicians who, along with our very hard-working team, are committed to making this treatment available to patients. We are excited to have the support of this thoughtful and high-powered group of investors, which will allow the company to complete the studies required to seek regulatory approvals in Europe and in the United States,” Ablative Solutions CEO & CMO Dr. Tim Fischell said in a prepared release.
Last January, Ablative Soutions raised $4 million as part of a $10 million round.