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.”