Blockade Medical LLC, a privately held company focused on the development of catheter based therapeutic devices for the treatment of cerebral aneurysms and ischemic stroke, has announced the closing of a round of equity financing.
The financing was comprised of existing investors and new investment from TitanMed Capital and GP Healthcare Capital, venture capital and private equity funds, which are dedicated to healthcare investments. The company also announced the formation of a joint venture or future manufacturing of Blockade Devices for the Chinese marketplace.
The funds will support the continued commercialization of the Barricade Coil System’ and will also be used for the continued development of novel neurovascular devices for the treatment of aneurysms, stroke and other neurovascular conditions.
‘Securing this funding demonstrates the confidence from our existing and new investors in our ability to bring new and differentiated technologies to market,’ said Dave Ferrera, Blockade Medical’s President and Chief Technology Officer. ‘We are very proud of the high double digit growth we have experienced year over year and the significant products we have delivered to the global marketplace with the limited private financing up to this time. We are now embarking on a new chapter at Blockade Medical where the next generation of products will be highly differentiated and potentially therapy shifting technologies.’
The Barricade Coil System is an embolization coil line, which is designed to endovascularly occlude blood flow in vascular abnormalities of the neurovascular and peripheral vessels. The Barricade Coil System is a comprehensive bare platinum coil line available in framing, filling and finishing shapes. The Barricade Coil System received CE Mark in July 2012 and FDA 510(k) Clearance in March 2013.