AVS, an early-stage medical device company focused on safely and effectively treating severely calcified arterial disease with its pulsatile intravascular lithotripsy (PIVL) therapy, has announced that it closed an additional US$8.8 million in new financing, bringing its Series B round to US$28.8 million total.
A press release reports that the funding will continue to support clinical trials for the company’s device for PIVL in peripheral cases, while advancing preclinical work for an expanded indication in coronary cases.
“We are pleased to see the investor excitement around this technology,” said Mark Toland, chairman of the board for AVS. “Intravascular lithotripsy represents an emerging therapy that demands new solutions for patients with severely calcified arterial disease. With the support of our partners, we can continue our work toward US approval for both peripheral and coronary applications.”
AVS notes that it successfully enrolled, treated and collected positive 30-day follow-up with patients in a first-in-human study, the POWER PAD I clinical trial, in September 2022. The prospective, single-arm, multicentre feasibility study is evaluating the technical and clinical success of the Pulse IVL system for treating patients with calcific femoropopliteal arteries.
The Pulse IVL system is a novel, balloon-based platform that expands calcified lesions by gently shattering calcium with pressure waves in frequent bursts, all through a single device, a press release details.
BioStar Capital, an investor in transformational medical technologies, led the Series B financing with CUE Growth Partners, a private equity firm focused on healthcare.
“AVS’s technology has demonstrated promise in treating peripheral arterial disease and we are excited to play a role in future trials in the coronary space,” said Louis Cannon, founder and senior managing partner of BioStar Capital. “We have supported AVS through both of its funding rounds because we firmly believe in the company’s potential to improve the options available to patients and ultimately drive improved health outcomes for patients.”
“Cardiovascular disease remains the leading cause of death globally and requires continued investment in novel technologies,” said Ben Cannon, co-founder and partner at CUE Growth Partners. “We are committed to supporting medical devices, such as the Pulse IVL system, that can impact areas of need in medicine through innovative new solutions.”