Funding co-led by Amplitude Ventures and an undisclosed major strategic investor to advance the ReSolv™ stent into additional human clinical trials
Fluid Biomed Inc., a clinical stage medical device company developing lifesaving products for patients suffering from vascular disease, closed an oversubscribed $27 million USD Series A equity financing. The round is co-led by Amplitude Ventures and an undisclosed major strategic partner. New participants in the investment syndicate include IAG Capital Partners and LifeArc Ventures, as well as returning investors, ShangBay Capital and METIS Innovative.
The ReSolv™ stent was developed by John Wong, M.D., co-founder and chief executive officer of Fluid Biomed, and Alim Mitha, M.D., co-founder, president and chief technology officer. Both are leading academic neurosurgeons at the University of Calgary.
Fluid Biomed’s unique bioabsorbable polymer-based stent technology has been validated by years of scientific research with functional benefits demonstrated in a first-in-human clinical study to treat brain aneurysms, a leading cause of stroke and disability. About 6.7 million people in the U.S. have unruptured brain aneurysms and more than 30,000 rupture and bleed each year, often leading to disability and death. Fluid Biomed plans to use the proceeds to further validate the ReSolv™ stent and its proprietary delivery system in expanded patient studies.
“Our exclusive technology has attracted the attention of international investors of the highest caliber with the depth and breadth of expertise to accelerate company evolution and make its medical devices available sooner to physicians and patients,” said Dr. Wong. Dr. Mitha added, “This additional strategic and financial capital will enable larger clinical trials as well as broaden our product pipeline. Empowered with greater resources, Fluid Biomed is well positioned to create the next generation of stents to heal those afflicted with brain aneurysms around the world.”
Jean-Francois Pariseau, co-founder and partner at Amplitude Ventures, said, “This financing will propel Fluid Biomed toward realization of the remarkable potential of the ReSolv™ stent. We are strong supporters of entrepreneurial scientists. Fluid Biomed’s founders have utilized their decades of experience to create a truly novel technology that will positively impact patient outcomes.”