Drug-eluting balloon tech attracts $16M round

Surgical balloons could become good drug-delivery tools. CV Ingenuity is developing a system that could bring a new twist to the treatment of peripheral artery disease, with a drug-eluting balloon system that delivers anti-clotting drugs during procedures to open narrowed blood vessels. With its novel treatment approach, the Palo Alto, CA-based firm has raised $16 million in a Series B round of financing led by new backer New Enterprise Associates. The round also attracted funding from previous investors BioStar Ventures, Synergy Ventures and Western Technology. Article