GOLDEN, Colo., Jan. 6, 2016 /PRNewswire/ -- Following the successful completion of The Angel® Catheter Clinical Trial, BiO2 Medical, Inc. reports that it has raised approximately $9 million from the Company's Series D Preferred round of funding.
The Company has also significantly strengthened its balance sheet by securing an additional $5 million in venture debt financing from Oxford Finance LLC. This transaction is structured to initially provide $5 million upon closing, with an option for an additional $3 million to be provided upon FDA 510(k) clearance of the Angel® Catheter.
The capital raised will be used to fund the US product launch, the expansion of the US and OUS sales force, incremental R&D projects, and general infrastructure development. The achievement of these critical growth initiatives supports the imminent commercial launch of the Angel® Catheter in the US, and will ultimately accelerate the company's future successes. BiO2 Medical's Chairman and Chief Executive Officer, Christopher E. Banas, states: "With this equity and venture debt capital secured, we are on the path to commercializing the Angel® Catheter in the US and providing pulmonary embolism prophylaxis to over one million patients who are at high risk of pulmonary embolism and are ineligible for existing venous thromboembolism prevention."
BiO2 Medical is a medical device manufacturer founded to design, develop and manufacture a range of products in response to unmet clinical needs. Currently, BiO2 Medical is focused on their flagship product, the Angel® Catheter, which will be the first mechanical pulmonary embolism protection device with a prophylactic indication. The Angel® Catheter provides immediate, bedside venous access without the need of fluoroscopy through its design as a femoral approach central venous catheter (CVC). Additionally, the catheter provides immediate pulmonary embolism protection via the permanently attached, 100% retrievable Inferior Vena Cava (IVC) filter.
For more information regarding BiO2 Medical and the Angel® Catheter, please visit www.bio2medical.com.
SOURCE BiO2 Medical, Inc.