Arsenal Medical and 480 Biomedical announced today $26. 5 million in combined financing from the committed investor syndicate to advance their respective product platforms Arsenal Medical, a company developing novel, polymer-based foam and nanofiber products, raised $16 million from Polaris Partners, North Bridge Venture Partners and Intersouth Partners. 480 Biomedical, a clinically advanced company developing innovative bioresorbable scaffolding products, raised $10. 5 million from the same union in conjunction with a long-term strategic investor Both rounds included debt conversion, in addition to new equity financing.
The companies that spun one out of the other at the end of 2011 and continue to share lab space and resources are jointly led by President and CEO Dr. Maria Palasis, who took over the leadership of both organizations in January 2015.
‘Both 480 Biomedical and Arsenal Medical have advanced innovation along exciting yet different paths,’ said Dr. Palace ‘These organizations have made great strides in their respective programs over the last few years, and the promise of our platforms has never been greater. The commitment of our investors has enabled us to reach our key milestones across both organizations, and we expect this momentum to continue. ”
Arsenal Medical is developing two technology platforms: in-situ foam technology and coaxial nanofiber technology. In situ foams provide life-saving therapy for acute abdominal hemorrhage and are expected to enter the clinic later this year. Foams are also developed for other critical clinical conditions, including vascular disease and bleeding. The Nanofiber Technology Platform for Controlled Drug Delivery has recently established two strategic relationships with major pharmaceutical partners.
480 Biomedical advances the first fully self-expanding, bioresorbable scaffolding platform technology for the treatment of vascular disease in adult and pediatric patients. This technology provides a unique ability to support the vessel during healing and leaves nothing behind for post-treatment due to its bioresorbability. The company’s lead application is the treatment of adult superficial femoral artery disease using a drug-eluting scaffold and is currently being studied in a global clinical study. For pediatric patients, the company has advanced the development of a bioresorbable scaffold for the treatment of pulmonary artery stenosis in patients with limited treatment options.
‘As chairman and investor, it is extremely gratifying to be part of two companies that are transforming medical devices through material science innovations,’ said Carmichael Roberts of North Bridge Venture Partners. ‘Arsenal Medical and 480 Biomedical teams have shown themselves to be highly resource efficient while pursuing novel breakthrough products that are likely to have significant and positive impacts on large patient populations. We are proud to have supported their efforts from the outset and look forward to the next phase of their journey. ”
About the Medical Arsenal
Arsenal Medical is developing multiple programs based on its two proprietary technology platforms: therapeutic foams and AxioCore, a novel high-performance nanofiber technology. In situ foams provide local therapy for acute hemorrhage and other critical clinical conditions, including vascular injury and repair. Arsenal Medical is supported by venture funding as well as grants from the Department of Defense, the National Institute of Standards and Technology Innovation Program (NIST-TIP) and the Bill & Melinda Gates Foundation. For more information, please visit: http://www Medical arsenal Come on,
About 480 Biomedical products
480 Biomedical uses the most sophisticated tools of advanced materials science to develop innovative products for the treatment of serious vascular disease and injury The company’s leading product, the StanzaTM scaffolding technology, combines biocompatible materials with innovative engineering for an optimum balance of radial strength, flexibility and bioresorbability. This proprietary scaffold is also ideal for controlled delivery of drugs over a period of several months. The company is also developing a pediatric scaffold to address the significant unmet clinical need for children with cardiovascular defect with support from the National Institute of Health. For more information, please visit: http://www 480 Biomedical Research Come on,
About Maria Palassis
Dr. Dr. Maria Palasis is the President and Chief Executive Officer of Arsenal Medical and 480 Biomedical. Maria joined Arsenal and 480 Biomedical as Chief Technology Officer and oversaw the creation of scaffolding, foam and nanofiber technology platforms. Prior to joining the companies, Maria was director of R&D at Boston Scientific, where she managed a portfolio of external investments in biotech and medical devices and was responsible for developing new convergence products. Maria was an early member of the team that created the TAXUS® drug-eluting stent, the single largest revenue generator for Boston Scientific at $3B/year. Maria received her Bachelor of Science and PhD in Chemical Engineering from the University of Cincinnati and a Postdoctoral Fellowship in Molecular Biology from the University of Cincinnati School of Medicine.
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