R3 Vascular Announces $87 Million in Series B Financing and Appoints Christopher M. Owens as new President and CEO [Yahoo! Finance]
Abbott Laboratories (ABT)
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Source: Yahoo! Finance
and providing novel, best-in-class bioresorbable scaffolds for treating peripheral arterial disease (PAD), announced today the closing of its $87 million Series B financing round. The company also announced that veteran medical device executive Christopher M. Owens will serve as its new President and Chief Executive Officer. Mr. Owens succeeds the founder Kamal Ramzipoor, who will step into the role of Chief Technology Officer (CTO). The Series B financing was led by affiliates of Deerfield Management with participation from existing shareholders including 415 Capital and a strategic investor. R3 Vascular will use the proceeds to support the ELITE FDA IDE pivotal trial of its best-in-class bioresorbable scaffold, MAGNITUDE®, for below-the-knee (BTK) PAD. The funding will also support additional research and development, global regulatory submissions, scale up of manufacturing processes and initial commercialization. MAGNITUDE® is a next generation bioresorbable scaffold with the pot
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