Mercator MedSystems said this week that it raised $11 million in a Series D equity round led by Shenzhen Salubris Pharmaceuticals, with participation from current Mercator investors and other unnamed new investors.
The Emeryville, Calif.-based company plans to use its newly-acquired funds to support the clinical development of its micro-infusion catheter system, the Bullfrog device.
Mercator MedSystems’ FDA-approved device uses a balloon that hydraulically deploys a microneedle through the vessel wall. There, the needle releases drugs and physicians can use x-ray contrast agents to track the drug-delivery process, according to the company.
In connection with its investment, Salubris landed the exclusive rights to develop and manufacture the Bullfrog device in the People’s Republic of China. Mercator is slated to receive milestone payments and tiered royalties tied to sales.
“We are excited to announce that such a prominent Chinese pharmaceutical company is partnering with Mercator for the Bullfrog micro-infusion device’s entry into the fastest growing medical market in the world,” CEO Trent Reutiman said in prepared remarks. “Salubris has recently been investing in a robust and cutting-edge cardiovascular medical device portfolio in China. Their lead in the current round of financing is a strong vote of confidence in the potential of the Bullfrog device to treat patients with peripheral arterial disease (PAD) and critical limb ischemia.”
“We are committed to the development of interventional cardiovascular procedures utilizing the Bullfrog device and its long-term potential to deliver a combination of therapeutics within and across molecule classes and for a variety of diseases. The immediate opportunity of delivering an agent in below-the-knee vascular disease represents an exciting and large market in the PRC,” Salubris’ CEO Kevin Ye added.