Access Vascular, Inc. Secures $20 Million in Series B Financing
BEDFORD, Mass.--(BUSINESS WIRE)--#AccessVascular--Access Vascular, Inc., a company addressing the most common and costly venous access complications, today announced it has closed on a Series B round of financing. TVM Capital Life Science led the round with a $15 million commitment, with existing investors also participating.
Access Vascular has developed a proprietary biomaterial platform that is both hydrophilic and lubricious, and has incorporated this material into two commercially-available venous access devices, the HydroPICC® Peripherally Inserted Central Catheter and HydroMID™ Midline Catheter. In vitro studies have shown that this biomaterial technology results in an average of 97% less thrombus accumulation on its surface compared to a standard polyurethane catheter.*
The new financing will be used to generate post-market data on its two commercial devices designed to reduce thrombus accumulation and catheter occlusions, expand its portfolio of devices, and commercialize the portfolio of products.
“We are extremely pleased to partner with TVM Capital Life Science, a world-class venture capital firm with an extensive track record of successfully investing in, and supporting, early-stage commercial companies in order to maximize their growth potential,” said Access Vascular CEO James Biggins. “Their commitment to partnering with Access Vascular validates our conviction to continue solving critical issues in the vascular access space with our growing portfolio of proprietary technologies.”
“We believe that Access Vascular’s products can address the biggest unmet needs in the vascular access space. Their unique biomaterial technology shows a substantial reduction in the body’s biological response to the catheter, minimizing potential complications,” said Luc Marengere, PhD, Managing Partner, TVM Capital Life Science. “With our partnership, Access Vascular will be able to bring their innovative solutions to more patients, with the intent to improve outcomes and deliver higher procedural acuity.”
As part of the investment, Managing Partner Dr. Luc Marengere and Principal Dr. Alexandra MacLean, with TVM Capital Life Science, will join the Access Vascular Board of Directors.
About Access Vascular
Access Vascular was founded in 2015 to address the most common and costly complications of intravenous therapy: infection, thrombosis and phlebitis. The company is developing a suite of venous access devices made from patented biomaterials which are highly biocompatible and are capable of long-term thrombus resistance.
About TVM Capital Life Science
TVM Capital Life Science is providing venture capital to the international pharmaceutical, biopharmaceutical and medical technology industries with more than 35 years of transatlantic investment track record and more than US $2.0B raised. With its advisory, corporate finance and investment teams located in Montreal and Munich, the TVM Capital Life Science team provides investors, as well as entrepreneurs and innovation-seeking biopharmaceutical companies, access to global life science innovation and provides paths for successful tech transfer and commercialization for the benefit of patients and investors alike.
The TVM Capital Life Science team looks back on more than 140 investments and over 100 exits, including more than 45 initial public offerings on all major U.S. and European stock exchanges. The team has gained unrivalled international investment and business development experience with their track record of dedicated board work, significant contribution to global networks in the world of life science research and product development, and a direct knowledge of the local markets. More information: www.tvm-lifescience.com
*Data on file. Reduction of thrombus accumulation evaluated using in vitro and in vivo models. Pre-clinical in vitro/in vivo evaluations do not necessarily predict clinical performance with respect to thrombus formation.
Michelle McAdam, Chronic Communications, Inc.