Reverse Medical Corp. Closes $14 Million Series B
Irvine, CA--Reverse Medical Corporation, which is developing technologies for treating acute ischemic stroke, has closed a $14 Million early Series B early stage venture capital investment in which Early Stage Partners II LP participated. The Company has been incubated by MedFocus Fund LLC, which has a distinguished record in founding, developing, and exiting medical companies.
'This investment is geographically outside of our traditional focus," commented Mike Bunker, Managing Director, Early Stage Partners, "but is consistent with our emerging expertise in medical devices for the diagnosis and treatment of stroke and in the rapidly developing neurovascular area more broadly. The opportunity to work with a group that has such a stellar track record made this too good an opportunity to pass up."
Stroke is a growing area of expertise for Early Stage Partners; in late 2009, the fund invested in Columbus, Ohio-based Cardiox, which is developing a non-invasive method for detecting the presence of a left-to-right shunt (or hole in the heart) known as Patent Foramen Ovale. A high percentage of strokes are thought to be caused by blood clots that pass through these shunts, instead of being filtered by the lungs, and migrate to blood vessels in the brain. Reverse Medical has developed technology for rapidly revascularizing patients following an Acute Ischemic Stroke.
Reverse Medical has CE Mark approval for the ReStore™ Microcatheter for performing thrombectomy. The Company’s ReCruit™ Microcatheter has US FDA 510k marketing clearance for foreign body retrieval from the neurovasculature. During the third quarter of 2010, the Company plans to begin patient enrollment for the ReStore Microcatheter under a US IDE for neurovascular thrombectomy. Currently, the ReStore Microcatheter is for Investigational Use Only in the U.S.
Reverse has also developed the RePort™ Guide Catheter which will be used in conjunction with the ReStore device to treat neurovascular disorders. The RePort has the unique capability to traverse deep into the smaller vessels of the neurovascular anatomy.
Stroke is an often debilitating event that affects blood flow leading to and within the brain, and occurs suddenly in millions of people per year worldwide. Stroke is the number three cause of death in the US, behind diseases of the heart and cancer. An ischemic stroke occurs when a blood vessel that carries oxygen and nutrients to the brain is blocked by a clot.
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Mike Bunker led the Early Stage Partners investment in Reverse Medical Corp.