Medtech developer Concept Medical said yesterday it received $60 million from cardiologist and serial entrepreneur Dr. Kiran Patel to support pursuit of an FDA investigational device exemption trial for its sirolimus-coated balloon device.

The Florida-based company touted the device as the world’s first sirolimus-coated balloon, and said that funds will also be used to support clinical data collection and clinical registries in pursuit of European market reimbursement.

“Cardiovascular diseases are the number one cause of death globally, representing 31% of all global death and it is increasing due to changes in lifestyle and increase in hypertension amongst the young and old. I am excited to be a part of CMI whose research & innovative technologies will meet a major unmet need in patients with diabetes and cardiovascular diseases. This venture enables me to contribute to the millions of hearts beating around the world,” Dr. Kiran Patel said in a prepared statement.

Funds will also be used to support the company’s Surat, India-based manufacturing facilities, Concept Medical said.

“We want to make a world of difference to the way medical devices companies operate globally. We are a young organization and innovation runs in the soul of our entire organization. This investment enables us in advancing our innovation platforms vigorously. Besides the investment, Dr. K brings a serious value-add with his vast experience which is synergistic,” founder & managing director Manish Doshi said in a press release.