Stentys, a Paris-based developer of dedicated stents for treatment of blocked coronary artery bifurcations, has raised $18 million in Series B funding. Scottish Equity Partners led the round, and was joined by return backers Sofinnova Partners. Aelios Finance served as placement agent.
Medical device pioneer Stentys announced today that it has completed an $18 million 'Series B' round of venture financing. The lead investor was
Coronary artery disease, one of the leading causes of mortality in the world, is caused by fatty lesions that narrow the coronary artery and reduce blood flow, resulting in an often-lethal myocardial infarction (heart attack). Cardiologists have been using stents (small meshed metal tubes) to unclog the artery, but standard stents are simply ill-suited to treat artery bifurcations, the area where one main vessel branches out into two smaller vessels. In fact, the procedure does not work in more than one patient out of five, and these patients must subsequently undergo a second intervention, and quite often open-chest surgery.
“This financing round will allow us to complete clinical trials and obtain CE Mark for our drug-eluting, bifurcated stent, enabling interventional cardiologists to offer their patients the next generation of dedicated bifurcated-stenting procedures,“ said Stentys' CEO and co-founder, Gonzague Issenmann. “We are very proud to have the most prestigious European VCs as our financial backers, and we are delighted to welcome Brian to our Board of Directors.“
“Stentys has achieved a major breakthrough in terms of patient safety, ease of use for cardiologists, and clinical efficacy,“ said Brian Kerr. “It has a high-caliber management team, and it has made rapid progress towards obtaining regulatory approval. There is a $1 billion-plus market opportunity for its product, and we are confident that the company will deliver significant value.“
“Sofinnova initially invested in Stentys because we thought that the company potentially had a very unique and simple solution to the bifurcation issue. We also knew management and their capacity to rapidly advance such a project to First in Man clinical trial,“ commented Antoine Papiernik, Managing Partner, Sofinnova Partners. “Stentys over-delivered on those milestones, and this explains the success of this fundraising, to which we are participating in an important way. I am also very glad to now count SEP as a partner in developing the company to the next stage.”
“Stentys has come a long way in a short period of time,“ concluded Jacques S