Medical startup raises $77M
A medical startup in the region developing a system for high blood pressure treatment has received $77 million in funding.
Kalamazoo-based Ablative Solutions announced today the “first close” of its $77-million Series D funding round to help the company develop its Peregrine System Kit.
Ablative said the round was led by new investor Gilde Healthcare and co-led by existing investor BioStar Ventures and an undisclosed new corporate investor.
Existing investors, including the Michigan Accelerator Fund, Novus Biotechnology and other individual investors, also participated in the Series D round.
“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 United States,” said Dr. Tim Fischell, co-founder, CEO and CMO, Ablative Solutions.
Funds from the round will be used to complete clinical trials in support of U.S. and European regulatory submissions for the technology.
The minimally invasive technology is designed to block overactive nerves known to influence the body’s regulation of blood pressure.
“BioStar Ventures focuses on transformational health care investments, and we believe Ablative Solutions fits that model perfectly,” said Dr. Michael Fulton, senior managing director of BioStar Ventures, an investor in the company since its Series A round in 2012.
Gilde Healthcare’s Geoff Pardo said he's confident in Ablative’s plan for carrying out the clinical program and gathering data.
Ablative Solutions was founded in 2011 and also has an office in San Jose, California.