December 14, 2021 16:10 EST | Source: Route 92 Medical, Inc. Route 92 Medical, Inc.
San Mateo, California, U.S.
San Mateo, California, December 14, 2021 (Global News Agency) - Route 92 Medical, Inc., a private medical technology company committed to becoming a performance leader in stroke intervention, announced today that it has raised more than 110 million U.S. dollars in funding. A combination of Series E financing and debt financing. The financing includes a US$56 million Series E round led by new investors InnovaHealth Partners and Norwest Venture Partners. This round of financing also received support from existing Route 92 Medical investors The Vertical Group and US Venture Partners. Runway Growth Capital supplemented its equity financing with a senior secured term loan of up to $55 million.
The proceeds from the financing will be used to register for the SUMMIT MAX clinical trial, with the goal of obtaining FDA approval for the proprietary Route 92 medical reperfusion system. The funds will also be used to further develop new products and promote its technology in key areas.
"Route 92 Medical is focused on becoming the first neurovascular company to launch an FDA-approved 088 suction catheter for the treatment of acute ischemic stroke. We believe that our catheter technology featuring Monopoint® operating system will eventually become a platform , The neurovascular aspiration thrombectomy that completely changes the occlusion of large vessels. This financing provides sufficient funds to carry out our Pivotal trial in the United States and the limited commercial release of our products. This is the next key step in the development of our company. "Said Dr. Tony Chou, co-founder and CEO of Route 92 Medical.
“Globally, stroke is the second leading cause of death and the leading cause of long-term disability,” said Dr. Joey English, chief medical officer and co-founder of Route 92 Medical. "Route 92 Medical has developed a unique next-generation system designed to improve stroke intervention procedures."
With the end of the E series, Dr. Ariella Golomb, founder and managing director of InnovaHealth Partners, joined the Route 92 Medical board of directors. In addition to rich scientific and clinical relationships, Dr. Golomb brings more than 20 years of expertise from her roles in medicine, healthcare strategy, and investment.
"We have seen a significant response from doctors to the Route 92 Medical platform," said Dr. Ariella Golomb, Managing Director of InnovaHealth. "The company's Monopoint system with Tenzing® delivery catheters is in a good position in the rapidly growing neurovascular market. I am very pleased to join the board of directors at this exciting time for the company's development."
Route 92 Medical is headquartered in San Mateo, California, and its mission is to be the leader in neurovascular aspiration thrombectomy. The Route 92 Medical platform uses the Monopoint operating system, including the 088 catheter that is delivered to the neurovascular system using a special Tenzing catheter. The system is designed to provide excellent navigation for challenging anatomical structures and strong support, as well as unparalleled simplicity and speed.
Headquartered in New York, InnovaHealth Partners, LP is a leading private equity firm that provides growth capital for the medical technology industry. The company focuses on a diversified portfolio of major investment positions and works closely with each management team. InnovaHealth Partners is led by five principals who have more than 100 years of investment experience in the medical device field. The team has been collaborating for more than 15 years, managing USD 900 million of committed capital between its fund and co-investment. For more information, please visit https://www.innovahealthpartners.com/
Norwest is a leading venture capital and growth equity investment company with more than $12.5 billion in capital under management. Since its inception, Norwest has invested in more than 650 companies and currently cooperates with more than 200 companies in its venture capital and growth equity investment portfolios. The company invests in early to late business in a wide range of areas, with a focus on consumers, enterprises, and healthcare. The Norwest team provides a deep network, operational experience, and a wide range of influential services to help CEOs and founders expand their business scale. Norwest has offices in Palo Alto and San Francisco, and subsidiaries in India and Israel. For more information, please visit www.nvp.com. Follow Norwest on Twitter @NorwestVP.
About Runway Growth Capital Co., Ltd.
Runway Growth Capital LLC is an investment advisor to investment funds including Runway Growth Finance Corp., which provides growth capital to companies seeking alternative equity financing. Led by industry veteran David Spreng, these funds provide US$10 to US$70 million in senior term loans to fast-growing companies in the United States and Canada. For more information about Runway Growth Capital LLC and its platform, please visit our website www.runwaygrowth.com.
Investor Contact: Marissa Bych Gilmartin Group marissa@gilmartinir.com