MOUNTAIN VIEW, Calif., March 27, 2017 (GLOBE NEWSWIRE) -- Vascular Dynamics, Inc., (VDI) a privately held medical device company developing novel solutions for the treatment of hypertension, today announces it has completed a $10.4 million financing.
The private placement included all major current investors in Vascular Dynamics. The promissory notes issued in the financing are expected to convert into the company’s prospective Series C financing.
The proceeds of the financing will contribute to the funding of the company’s studies for its investigational MobiusHD® system for the treatment of resistant hypertension. The company has already been accepted into the Food and Drug Administration’s Feasibility Study Investigational Device Exemptions (IDE) program, as well as its Expedited Access PMA program, designed to potentially shorten time to approval for marketing.
“We continue to be gratified in the confidence our current investor group shows in Vascular Dynamics. The MobiusHD device has provided encouraging data in our European and American trials, and the response that the regulatory agencies have given the company to date reflect what we have believed all along, which is that the MobiusHD system has the potential to save millions of lives threatened by a condition that has no symptoms, but results in millions of deaths each year,” said Robert Stern, president and CEO of Vascular Dynamics. “This financing is continued demonstration of that confidence in our technology and a tribute to those who have worked so hard toward bringing it to fruition.”
About Resistant Hypertension
Hypertension, or elevated blood pressure, is a common medical condition that currently affects one billion people worldwide.1 If left untreated, hypertension can cause life-threatening problems, including heart attack, aneurysm, stroke or kidney failure. Patients with hypertension can often reduce their risk factors by making lifestyle changes such as losing weight, quitting smoking, and increasing exercise. In cases with advanced hypertension, medical therapies may be prescribed. Resistant hypertension cannot be controlled with medical therapies. Patients experiencing resistant hypertension are at four times greater risk of cardiovascular events compared with hypertensive patients achieving blood pressure targets.2 The American Heart Association (AHA) estimates that high blood pressure costs the U.S. $46 billion each year, including the cost of healthcare services, medications to treat high blood pressure, and lost productivity.
About Vascular Dynamics, Inc.
Vascular Dynamics develops catheter-delivered technologies to bring a better quality of life to patients who are resistant to conventional treatments for hypertension and heart failure. The device is covered by nine issued and numerous pending U.S. and international patents. The MobiusHD system recently received CE Mark. However, the MobiusHD system is not commercially available in the United States. More information is available at www.vasculardynamics.com.
CAUTION: In the United States, the MobiusHD Device is limited by law to investigational use only.
1 Kearney PM, et al. Global burden of hypertension: Analysis of worldwide data. Lancet. 2005;365(9455):217-23
2 Pierdomenico SD, Lapenna D, Bucci A, et al. Cardiovascular outcome in treated hypertensive patients with responder, masked, false resistant, and true resistant hypertension. Am J Hypertens. 2005;18: 1422–8.