Silk Road Medical has announced the receipt of up to US$57 million investment in the form of equity and debt funding from new and existing investors. CRG joins Warburg Pincus and The Vertical Group as an equity investor, and has led the debt financing.
Silk Road will use the proceeds from this funding to continue the US commercial introduction of its Enroute Transcarotid neuroprotection and stent systems. These products are the first to be approved for use in Transcarotid Artery Revascularisation (TCAR), a new procedure designed to reduce the risk of strokes.
Combining minimally invasive endovascular techniques with the surgical principles of protecting the brain, TCAR is used to treat carotid artery blockages in the neck, according to Silk Road.
Erica Rogers, chief executive officer of Silk Road Medical, says, “We are thrilled to welcome CRG as a new investor and grateful for the continued support of our existing investors.”
The company will use proceeds from the financing to continue a controlled US commercial introduction of the Enroute Transcarotid NPS and Stent system, started earlier this year, expand the clinical evidence base for TCAR in a large registry called Roadster2, and begin international expansion. A dedicated team of clinical and commercial experts has been hired, trained and deployed to support these efforts.
“Carotid artery disease is the last frontier in vascular medicine,” commented Bess Weatherman, managing director for healthcare, Warburg Pincus. “We had yet to see a minimally invasive technology that could stand up to the challenge of this disease. The company’s technology platform is modernising carotid artery repair for the benefit of patients. We are excited to continue partnering with the team to bring this faster, safer, less invasive and more effective neurovascular procedure to market.”