Medical device company Shape Memory Medical has raised $10 million in convertible note financing to support the development of its vascular treatment technology.
The Santa Clara, California-based company develops medical devices using shape memory polymer technology for endovascular embolization.
The funding round was led by August Global Partners with participation from Taiwania Capital.
| Category | Details |
|---|---|
| Company | Shape Memory Medical |
| Industry | Medical Devices / Healthcare |
| Funding | $10 million |
| Funding Type | Convertible Note |
| Lead Investor | August Global Partners |
| Participating Investor | Taiwania Capital |
| Headquarters | Santa Clara, California |
| CEO & President | Ted Ruppel |
| Main Focus | Endovascular embolization technology |
Shape Memory Medical plans to use the new funding to support the continued clinical development of its aortic treatment portfolio.
The company will use the capital for patient follow-up and data collection in its AAA-SHAPE Pivotal Trial and to advance its FLAGSHIP feasibility trial.
The AAA-SHAPE trial recently completed enrollment and will continue following patients for five years.
Shape Memory Medical develops embolization devices designed to treat conditions involving blood vessels.
Its technology uses a low-density, highly porous shape memory polymer.
The material is delivered through a catheter in a compressed form and expands when it comes into contact with blood.
The company says the technology is designed to:
The company’s technology is also designed to be bioresorbable.
One of the company’s key clinical programs is the AAA-SHAPE Pivotal Trial.
The study is evaluating the safety and effectiveness of the IMPEDE-FX RapidFill Device when used alongside endovascular aneurysm repair (EVAR).
The goal is to proactively manage the aneurysm sac in patients with abdominal aortic aneurysms (AAA).
The randomized, multicenter study has completed enrollment and will follow patients for five years.
Shape Memory Medical is also advancing its FLAGSHIP clinical study.
The study stands for False Lumen Treatment for Prevention of Aortic Growth Using Shape Memory Polymer.
It is a first-in-human study evaluating the company’s investigational False Lumen Embolization System for treating the false lumen associated with aortic dissection.
The trial is designed to evaluate the safety of the technology and look for early signs of effectiveness.
Patients will be followed for two years.
Shape Memory Medical already has a commercial presence in multiple international markets.
The company holds CE Mark approvals for its IMPEDE and IMPEDE-FX Embolization Plugs and IMPEDE-FX RapidFill.
Its products have also received regulatory clearance or approval in the United States, Japan and more than 40 countries worldwide.
According to the company, its technology has been used in more than 3,500 patients.
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