R3 Vascular secures funding to support bioresorbable scaffold trial [Yahoo! Finance]
TERUMO CORP UNSP/ADR (TRUMY)
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Source: Yahoo! Finance
The financing round saw participation from existing shareholders, including 415 Capital and a strategic investor. R3 Vascular's ELITE FDA IDE pivotal trial will assess MAGNITUDE to treat below-the-knee (BTK) peripheral arterial disease (PAD). The company also plans to use the funding to support additional research and development, regulatory submissions worldwide, advance manufacturing processes and initial commercialisation. MAGNITUDE is a next-generation bioresorbable scaffold intended to meet the needs of patients suffering from chronic limb-threatening ischemia due to BTK PAD. The company's bioresorbable scaffolds, crafted from an ultra-high molecular weight polylactic acid polymer, are designed to be thinner, stronger, and more flexible. Concurrently, R3 Vascular has named Christopher Owens as the new president and CEO. With an extensive background in the medical device industry, Owens takes over leadership from founder Kamal Ramzipoor, who transitions to the role of
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