Shape Memory Medical Closes US$10 Mln Financing For Clinical Trials
KUALA LUMPUR, Aug 24 (Bernama) -- Shape Memory Medical Inc, a California-based global medical device company, has closed a US$10 million convertible note financing led by new investor August Global Partners (AGP), joined by fellow new investor Taiwania Capital. (US$1=RM4.03)
The financing provides capital to support continued clinical development of the company’s aortic portfolio, including patient follow-up and data collection in the AAA-SHAPE Pivotal Trial, and advancement of the False Lumen Treatment for Prevention of Aortic Growth Using Shape Memory Polymer (FLAGSHIP) feasibility trial.
The company said it is backed by a global syndicate of healthcare investors, including HBM Healthcare Investments (Cayman) Ltd, Earlybird Venture Capital and WexMed II LLC. The financing was also supported by HEAL Venture Lab.
“With enrolment recently completed in our AAA-SHAPE Pivotal Trial and continued progress in FLAGSHIP, we are focused on generating the clinical evidence needed to support the broader adoption of our shape memory polymer technology in aortic applications,” said Shape Memory Medical President and Chief Executive Officer, Ted Ruppel.
He said the company was pleased to welcome AGP and Taiwania Capital as investors and appreciated the continued support of its existing shareholders.
The AAA‑SHAPE Pivotal Trial is evaluating the safety and effectiveness of the IMPEDE‑FX RapidFill Device when used alongside endovascular aneurysm repair (EVAR) to proactively manage the abdominal aortic aneurysm (AAA) sac.
Shape Memory Medical in a statement said the randomised, multicentre study recently completed enrolment and will follow patients for five years.
FLAGSHIP is a first-in-human clinical study evaluating the company’s investigational False Lumen Embolisation (FLE) System for treatment of aortic dissection false lumen. The study is designed to evaluate safety and preliminary signs of efficacy and will follow patients for two years.
AGP is a Singapore-based independent fund management firm investing across healthcare and advanced manufacturing, while Taiwania Capital is a venture capital firm focused on early- to growth-stage companies.
-- BERNAMA