Artio Medical today announced the closing of US$28 million in oversubscribed Series A2 and Series A3 financing, bringing the total amount raised by the company to date to US$74 million.
Funds will be used to support US commercialisation efforts for the recently cleared Solus Gold embolisation device and to accelerate the development of Artio’s broad portfolio of products, including expanding the company’s engineering and manufacturing capabilities, a press release details.
Artio is currently developing 10 products for the peripheral vascular market, including the Solus Gold and Solus Flex embolisation devices for peripheral vessel occlusion and the Amplifi vein dilation system—which is designed to prepare haemodialysis patients for successful arteriovenous fistula vascular access site creation.
Artio is also currently developing four products for the neurovascular market, including the Endura embolisation system comprising a detachable balloon and coils for the treatment of saccular brain aneurysms.
“We would like to thank our existing investors for their continued strong support and also welcome a new group of investors to Artio,” stated Joseph McConnell, vice president of Finance and Business Operations at Artio. “We have the opportunity to do something really special here, to bring a new generation of medical devices to market with the potential to save lives, reduce disability, and improve the quality of life for millions of people. This new capital will help Artio expand our team and scale our operations to deliver on that mission.”