R3 Vascular raises $17.8m for devices to treat peripheral artery diseases

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R3 Vascular, an early-stage US medical device company, has raised $17.8 million in a Series A financing round, led by an undisclosed corporate investor and 415 CAPITAL.

The funding comprised new equity investments of $15 million and the conversion of $2.8 million of convertible notes.

The Series A round also saw participation from HBM-MedFocus and Wexford Capital.

R3 Vascular has created a technology platform for developing and manufacturing fully bioresorbable vascular scaffolds (BVS) technology with a sirolimus coating for the treatment of peripheral artery diseases (PAD) below the knee.

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Jack Springer – Executive Chairman of R3 Vascular said: “The number of patients suffering from BTK vascular disease is growing significantly for many reasons, including a large global increase in diabetes and obesity.

“These factors, along with others, are leading to a rapid rise in critical limb ischemia (CLI), a severe form of PAD. The physician community has been waiting far too long for a more safe and effective way to treat BTK disease.”

The bioresorbable vascular scaffolds platform created by R3 Vascular is said to combine the best of both worlds of below-the-knee (BTK) therapy, said US medical devices company. The platform has been designed to provide a ‘stent-like’ support of a scaffold in addition to the anti-inflammatory result of sirolimus, but ‘disappearing’ over time as the vessel heals, said R3 Vascular.

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Proceeds from the funding round will be used by R3 Vascular for taking up clinical development of a next generation of below-the-knee interventional therapies for peripheral artery diseases (PAD).

R3 Vascular has announced Kamal Ramzipoor as its CEO.

Kamal Ramzipoor said: “The unique mechanical properties and polymer technology of R3 Vascular’s proprietary bioresorbable scaffold, already validated in multiple clinical trials, offer differentiating features compared to other bioabsorbable scaffolds.

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“It is becoming clear that the use of scaffold support offers a potential competitive advantage compared to other balloon-based therapeutic approaches in BTK interventions. R3 Vascular’s polymeric technology is the only platform that has achieved ‘DES-like’ mechanical performance at the sub-100-micron level across all scaffold diameters.”

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