Nectero Medical, Inc., a Telluride Medical Partners portfolio company, announced today that it has closed $1 million of convertible notes as part of a bridge financing following its acquisition of Vatrix Medical, Inc. on April 28, 2017.
“This is great news for Nectero Medical and its stakeholders”, states Eric Wells, CEO of Telluride Medical Partners. “This new capital will allow Nectero Medical to take its patented technology that combats abdominal aortic aneurysms (AAA) to the next commercial milestone, further de-risking the investment for strategic partners, adding value to the company for investors, and providing hope for a new clinical treatment to patients living with AAA,” says Wells.
The convertible note financing, originally offered at $750,000, drew strong interest from investors based on the disruptive technology and promising early-stage in-vivo test results. The company was able to close the round over-subscribed by 33% and secured key, strategic relationships with investors in both Germany and China.
Nectero Medical has developed a technology that prevents and treats vascular aneurysms, a fatal disease that causes the walls of blood vessels to expand, weaken, and ultimately rupture. Currently, the sole treatment for such aneurysms is surgical intervention, and only five percent of patients are candidates for this high-risk procedure. Nectero Medical’s minimally invasive treatment, AAvert, is targeting the unmet need of watchful, waiting and contra-indicted patients, worth $6B today.