Route 92 Medical this week said it raised over $110 million in a combined Series E and debt financing round.
Capital raised included $56 million in a Series E financing round led by new investors InnovaHealth Partners and Norwest Venture as well as existing investors The Vertical Group and U.S. Venture Partners. Runway Growth Capital complemented the equity financing round with an up to $550 million senior secured term loan, according to Route 92 Medical.
Proceeds from the fundraising are earmarked to enroll the Summit Max clinical trial with the goal of getting FDA clearance for its reperfusion system. The funds will also be used to develop new products and to commercialize its technology.
“Route 92 Medical is laser-focused on becoming the first neurovascular company to launch an FDA-cleared 088 Aspiration Catheter for the treatment of acute ischemic stroke. We believe that our catheter technology featuring the Monopoint operating system will ultimately serve as a platform to revolutionize neurovascular aspiration thrombectomy for large vessel occlusions. This financing provides sufficient capital to carry out our US Pivotal trial and a limited commercial release of our products, the next critical steps in our company’s evolution,” CEO and cofounder Tony Chou said in a news release.
With the closing of the Series E financing round, Ariella Golomb, founder and managing director of InnovaHealth Partners, will join the Route 92 Medical board of directors.