Contego Medical Closes $5.6 Million in Series B Funding
Apr 17, 2015, 05:24 ET
RALEIGH, N.C., April 17, 2015 /PRNewswire/ -- Contego Medical, the first and only provider of the Integrated Embolic Protection™ filter platform for angioplasty balloon and stent delivery catheters, announces the completion of a $5.6 million Series B financing round led by Hatteras Venture Partners, an early stage venture firm with a focus on medical devices, biopharmaceuticals, diagnostics and related opportunities in human medicine. The round also included Mountain Group Partners, Lookout Capital and Medical Mutual.
"Contego Medical's portfolio of angioplasty balloons and stents embodying the Integrated Embolic Protection™ filter platform represents a breakthrough technology, which we believe will help endovascular interventionalists reduce the risk of stroke and other procedural complications," said Doug Reed MD, General Partner of Hatteras Venture Partners. Doug Reed will be joining Contego Medical as a board member.
The company will use the funds to continue to grow its leadership, sales and engineering teams and to develop several new and innovative products with its next-generation Integrated Embolic Protection platform.
"The Paladin device and other devices under development address a multi-billion dollar market, and have the potential to become standards of care in their respective target treatment areas as the combination devices are designed to simplify procedures, improve outcomes and offer cost-effective solutions. We are excited to partner with Hatteras Venture Partners as we continue to expand and commercialize our portfolio of products," said Ravish Sachar MD, Founder and CEO of Contego Medical.
Contego Medical has expanded its executive team with the appointment of Paul Sanders as Chief Operating Officer, Udayan Patel as Chief Technology Officer, and Alan Bacharach as Contego Medical's European General Manager. Elizabeth Saylors will continue as VP of Quality and Clinical Affairs. The team's track record of success brings experienced management and leadership to Contego Medical's expanding commercialization efforts throughout Europe and globally.
About Contego Medical, LLC
Contego Medical, LLC, based in Raleigh, NC, is developing a portfolio of novel medical devices that address clear unmet needs in the cardiovascular and peripheral vascular space. By integrating filter based embolic protection with treatment on the same platform, Contego Medical's portfolio of devices are poised to transform the field of cardiovascular and endovascular intervention by making existing procedures safer without increasing complexity or compromising performance. We know embolization occurs with every vascular procedure; Contego Medical's products enable embolic protection with every procedure. The founders of Contego Medical, Ravish Sachar MD and Jay Yadav MD are physicians, thought leaders, and proven entrepreneurs in the field of endovascular intervention.
The Paladin® Carotid Post-Dilation Balloon with Integrated Embolic Protection is CE-marked in Europe. The Paladin Carotid Post-Dilation Balloon with Integrated Embolic Protection is not for sale in the US. Visit www.contegomedical.com for more information about the company and its products.
About Hatteras Venture Partners:
Hatteras Venture Partners is a venture capital firm that seeks to transform the practice of medicine through seeding and growing the next generation of innovative healthcare companies. With roughly $300 million under management, Hatteras has invested in over 40 companies since its founding in 2000, with a focus on biopharmaceuticals, medical devices, diagnostics, and healthcare IT companies. While Hatteras has invested throughout the nation, the firm is a leader in the research-driven regions of North Carolina and the Southeastern United States, which are undercapitalized in comparison to New England and California. For more information, visit: www.hatterasvp.com.
SOURCE Contego Medical, LLC