MALVERN, Pennsylvania, September 14, 2016 /PRNewswire/ --
Essential Medical, Inc., a privately held medical device company addressing the rapidly growing large bore vascular closure market, announced today that it has completed a Series B financing of $14.9M. The round was led by Amzak Health along with original Series A investors including DSM Venturing, the venture investment arm of Royal DSM.
Greg Walters, President and CEO of the company, stated, "We are thrilled that Amzak Health has the confidence in the novel Essential Medical technology and our team to lead this round of financing along with our original investors. The Amzak group will also provide additional expertise and experience to our board of directors as our company transitions to commercialization in Europe and the initiation of the US clinical trial for our MANTA product."
MANTA is a novel CE Marked vascular closure device designed to close punctures ranging from 10F to 24F at femoral arterial access sites after cardiac catheterization procedures such as transcatheter aortic valve replacement (TAVR), endovascular treatment of abdominal aortic aneurysms (AAA/EVAR), ventricular assist (VAD), and balloon aortic valvuloplasty (BAV).
These procedures are the fastest growing segment of the cardiovascular market and are driving the potential worldwide market for large bore vascular closure devices to exceed $600 million within 5 years. Closure of large bore femoral access sites has been associated with significant morbidity including long times to achieve hemostasis, extended procedure time, need for a vascular surgeon in the catheterization lab, delayed ambulation, higher rate of complications and higher total cost of care. MANTA was designed to address the complexities of closing large punctures in high-pressure vessels utilizing novel closure technology. MANTA's fail-safe deployment provides immediate hemostasis in order to reduce complications associated with large bore closure.
About Essential Medical
Essential Medical, Inc., is a privately held company focused both on evolving the small bore market and transforming the large bore vascular closure market by delivering products that meet the unmet need for fast closure without complications. The company was founded in 2010 by Greg Walters, a senior product development executive with 25 years' experience creating innovative cardiovascular products, and Dr. Gary Roubin, MD, PhD, a coronary and carotid stenting pioneer.
SOURCE Essential Medical, Inc.