Ablative Solutions has announced the first close of its US$77 million Series D funding round. The round was led by new investor Glide Healthcare, and co-led by exiting investor BioStar Ventures, as well as an undisclosed new strategic corporate investor. Existing investors, including Michigan Accelerator Fund, Novus Biotechnology, and other individual investors, also participated in the Series D funding round.
Funds from the round will be used to complete clinical trials in support of US and European regulatory submissions for the company’s minimally invasive renal denervation technology designed to help reduce blood pressure for people with uncontrolled hypertension, while taking antihypertensive medication.
“BioStar Ventures focuses on transformational health care investments, and we believe Ablative Solutions fits that model perfectly,” says Michael Fulton, senior managing director of BioStar Ventures, an investor in the company since its Series A round in 2012.
Ablative Solutions’ alcohol-mediated renal denervation procedure is performed using the investigational Peregrine system kit, which is engineered to target nerves known to influence the body’s regulation of blood pressure. The Peregrine kit delivers dehydrated alcohol in small doses directly to the space outside of the renal artery to block the overactive signalling of the sympathetic nerves.
“Hypertension creates a significant burden on the healthcare system, increasing the risk of serious cardiovascular events and stroke,” comments Gilde Healthcare’s Geoff Pardo. “We see tremendous potential for Ablative Solutions’ approach and believe the team has a solid plan for building the clinical data through the TARGET BP clinical programme.”
Ablative Solutions’ CEO and CMO Tim Fischell enthuses: “We are excited to have the support of this thoughtful and high-powered group of investors, which will allow the company to complete the studies required to seek regulatory approvals in Europe and in the USA.”