Nectero Medical recently announced the closing of its US$96 million Series D financing round.
Financing was led by Norwest Venture Partners, with large investments from Boston Scientific Corporation, BioStar Capital, Cadence Healthcare Ventures, Aphelion Capital and other firms.
A press release reports that proceeds will be utilised to accelerate the execution of the phase 2/3 stAAAble trial and to support the submission of a New Drug Application (NDA) with the US Food and Drug Administration (FDA) for the Nectero endovascular aneurysm stabilisation treatment (Nectero EAST) system.
Upon completion of the Series D financing, Zack Scott, of Norwest Venture Partners, and Alan Davis, of BioStar Capital, have joined the Nectero Medical board of directors.
“We are pleased to have raised the funds required to complete the necessary work to bring our potentially transformative technology to market,” said Jack Springer, president and chief executive officer, Nectero Medical. “In addition, we are fortunate to add two highly knowledgeable and extremely insightful members to our already strong and accomplished board of directors.”
The Nectero EAST system is an investigational, single-use, endovascular system that delivers pentagalloyl glucose (PGG) locally into the aneurysmal wall, where it binds to elastin and collagen to strengthen the aortic vessel wall and to potentially reduce further degradation. The procedure takes less than an hour to complete and leaves no permanent implant behind. In January 2024, Nectero Medical initiated the stAAAble trial to investigate the safety and efficacy of the Nectero EAST system in patients with infrarenal abdominal aortic aneurysms (AAAs), maximum diameter 3.5–5.0cm.
“We are honoured and excited to be the lead investor in the Series D financing to fund the efforts necessary to bring the Nectero EAST system to market,” said Zack Scott, general partner, Norwest Venture Partners. “The Nectero EAST system has the potential to have a profound impact on the hundreds of thousands of patients living with aneurysmal disease and would represent the most significant advancement in the treatment of AAA in over 25 years.”
“[The] FDA has granted Breakthrough Therapy designation for the Nectero EAST system, acknowledging that the preliminary clinical evidence indicates that the combination product may demonstrate substantial improvement over available therapy on a clinically significant endpoint(s),” said Alan Davis, managing director, BioStar Capital. “This potentially transformational treatment is a perfect addition to the BioStar’s investment portfolio centered around our deep-seated commitment to fund cutting-edge innovations that improve patients’ lives.”
