Cresskill, New Jersey, June 14th 2011
Vascular Therapies, LLC (VT) announced the recent closing of the first tranche of its $5 million Series D financing. Concurrent with this closing, Vascular Therapies also entered into a strategic alliance with Cosmotec Co., Ltd., a leading cardiovascular device distributor in Japan.
Vascular Therapies’ flagship platform combination product the COLL-R™, is a patented, drug-eluting biocompatible biodegradable collagen implant intended for intra-operative peri-vascular implantation to address the problem of vascular anastomosis failure. This represents an estimated $4-5 billion in potential annual cost savings to the healthcare system. Following regulatory approval, COLL-R™, is expected to become the product of choice for physicians, hospitals and payers to reduce anastomosis failure.
The Company’s first product to market will be an implant for improving the maturation and the usability of AV fistula to support hemodialysis in patients with End Stage Renal Disease (ESRD). Data on performance of the COLL-R™, in an ongoing AV Fistula study involving 30 patients in current clinical trials was presented last month at the International Vascular Access Society (VAS) meeting in Istanbul, Turkey.
“We are excited about the opportunity for a partnership with Vascular Therapies” said Akio Yoshida, CEO of Cosmotec. “Our company has been searching for an effective solution for improving vascular access outcomes of patients on hemodialysis. Neointimal hyperplasia resulting in a flow limiting stenosis at the anastomosis and within the draining vein is an important cause of AV graft and fistula failure. Given the scope of the problem and the lack of effective solutions, the introduction of the COLL-R™, into clinical practice can have a major impact.”
Dr Sriram Iyer, MD, FACC, inventor of the COLL-R™, technology and Chairman of the VT Board remarked, “the ability of the COLL-R™ to successfully deliver sirolimus locally to the wall of the blood vessel during the time of the initial surgery is a simple, innovative way of harnessing the clinically proven anti-proliferative benefits of sirolimus. It is exciting and extremely gratifying to work with a product that has the potential to improve the patency of dialysis vascular access thereby bridging a huge important clinical need. We welcome Cosmotec as our partner.”
Roberts Mitani, LLC www.robertsmitani.com advised Vascular Therapies in connection with this financing and related strategic transactions.
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