Anaconda Biomed said it raised nearly $17 million (€15 million) in a Series A round for the neurothrombectomy device it’s developing.
The round, led by new investors Ysios Capital, Omega Funds and Banco Sabadell and prior backer Innogest Capital, is enough to carry the ANCD Brain device through validation & verification and clinical studies ahead of a CE Mark bid in the European Union, co-founder & CEO Ofir Arad said in prepared remarks.
The proceeds are also earmarked for an initial approval submission to the FDA, Arad said. Ysios general partner Josep Sanfeliu and Omega Funds managing director Claudio Nessi joined Barcelona-based Ananconda’s board in connection with the Series A round, the company said.
“This financing provides Anaconda Biomed the capital necessary to substantially progress the development of our ANCD Brain device, including the validation and verification process, clinical studies to support the initial commercialization of ANCD Brain in Europe, and an initial submission to FDA,” Arad said. “Furthermore, the addition of Josep and Claudio to our board will strengthen the extensive operational and financial expertise available to our management team.”
“The investment in Anaconda Biomed is great news not only for the consolidation of the medtech ecosystem in Spain and Barcelona but also for the amazing work of the founders in putting together a disruptive medical device by combining excellent medicine with high tech chemistry,” Sanfeliu added.
“We are very pleased for this sizable investment round following our first seed investment in Anaconda Biomed 1 year ago,” Innogest partner Claudio Rumazza said in a statement. “With its innovative design addressing a clear clinical need and a capable management team, Anaconda Biomed is well positioned to be a winner in the high growth stroke treatment market and a success story for European medtech industry”.
“Mechanical thrombectomy is quickly becoming a game changing procedure for ischemic stroke patients,” Nessi said. “Our analysis suggests that Anaconda’s innovative device may become the next generation device and therefore a market leader.”
Anaconda last month tapped Creganna Medical as its development partner for the ANCD Brain device.
($1 = €0.888797)