
R3 Vascular announced the closing of its $87 million Series B financing round. The company said it will use the proceeds to support the ELITE FDA IDE pivotal trial of its bioresorbable scaffold, MAGNITUDE, for below-the-knee (BTK) peripheral arterial disease (PAD). The funding will also support additional research and development, global regulatory submissions, scale up of manufacturing processes and initial commercialization.
The company also announced that veteran medical device executive Christopher M. Owens will serve as its new President and Chief Executive Officer. Owens succeeds the founder Kamal Ramzipoor, who will step into the role of Chief Technology Officer (CTO).
MAGNITUDE is a next generation bioresorbable scaffold with the potential to address one of the greatest needs for patients suffering from Chronic Limb-Threatening Ischemia due to below the knee PAD. Its bioresorbable scaffolds are made from an ultra-high molecular weight polylactic acid polymer. This polymer, combined with the company’s stent design and proprietary processing techniques, allow the sirolimus coated scaffolds to be thinner, stronger, and more flexible even at longer lengths.
R3 Vascular scaffolds are specifically engineered to ensure that they gradually and predictably absorb into the tissue, leaving a more naturally functioning vessel.