CeloNova BioSciences said today that it inked a 4-year financing deal with Congruent Investment Partners and SWK Holdings Corp.
The funds are slated to support CeloNova’s ongoing clinical trials and product initiatives, including the launch of its Cobra PzF NanoCoated coronary stent.
The device, which won FDA approval this year, is designed to treat patients with symptomatic ischemic heart disease. The Cobra PzF NCS requires patients to undergo at least one month of dual antiplatelet therapy following treatment, according to CeloNova.
“We are pleased to partner with CeloNova. CeloNova has proven to be an innovator in developing high quality biocompatible products using its proprietary Polyzene-F nano-thin polymer,” Congruent co-founder Travis Baldwin said in prepared remarks. “We are confident that CeloNova is well positioned to gain market share within the interventional cardiology industry.”
“We are impressed with the quality and depth of CeloNova’s management team and its latest innovative product,” SWK CEO Winston Black added. “The Cobra PzF NCS is an important addition to the interventional cardiology marketplace and should provide physicians a clear choice for treating patients with coronary artery disease.”
“Following FDA approval of the Cobra PzF NCS in February 2017, we are continuing to move forward with our national commercialization efforts. This financial agreement provides us with the necessary capital to bolster our overall growth and expansion in the U.S. marketplace,” CeloNova CEO Jason Cone said. “It’s an exciting time for CeloNova and we thank both Congruent Investment Partners and SWK Holdings for their steadfast support.”
The company’s Cobra Reduce trial, which began enrolling patients in February last year, is comparing CeloNova’s stent to drug-eluting stents in patients with coronary artery disease who are at high risk for bleeding.