Dive Brief:
- Endovascular Engineering has raised $80 million to bring to market its mechanical thrombectomy platform to treat pulmonary embolism.
- The new financing will help E2 scale up its commercial organization while continuing to invest in R&D and operations, the company said Tuesday.
- E2 received Food and Drug Administration clearance late last year for the Hēlo thrombectomy system for the removal of clots from pulmonary arteries and veins. It is intended for use in the peripheral vasculature.
Dive Insight:
Mechanical thrombectomy, a procedure to remove clots from blood vessels, is attracting major investments from companies such as Boston Scientific, which announced a $14.5 billion deal to acquire Penumbra in January. Penumbra makes devices to remove clots from blood vessels, treating conditions including pulmonary embolism, stroke and deep vein thrombosis.
The Penumbra acquisition follows Stryker’s $4.9 billion purchase last year of Inari Medical, another maker of thrombectomy devices.
E2 said its technology uses a dual mechanism that integrates aspiration with mechanical disruption to remove clots. The company said the Hēlo system’s small-profile catheter has the capabilities of a large-bore device.
“E2's technology will become the platform of choice for treating pulmonary embolism with mechanical thrombectomy, and we look forward to supporting their next phase of growth," Zack Scott, general partner at Norwest, said in a statement.
The Series C financing was co-led by Norwest and Gilde Healthcare. Other investors included Santé Ventures, 415 Capital, S3 Ventures, Panakès Partners and M&L Healthcare Investments. Two undisclosed existing strategic investors and a new strategic investor also participated.
The financing follows last year’s $42 million Series B round.
