Lutonix, which develops drug-coated angioplasty balloons, has raised $10 million toward a possible $45 million Series C round of equity and securities, VentureWire is reporting this morning.
Lutonix, based Maple Grove, MN, has a product it calls Moxy, which is a new drug-coated balloon catheter that delivers paclitaxel to the arterial wall in a single, short inflation. Paclitaxel is an anti-proliferative drug commonly used to prevent arterial restenosis. Moxy is very similar to a standard angioplasty balloon, but contains a special coating consisting of paclitaxel and a proprietary carrier that facilitates the drug's transfer to the arterial wall upon inflation.
According to the company's website, the Moxy procedure is simple and straightforward. Following vessel preparation to ensure a clear pathway, the Moxy balloon is delivered to the target lesion and inflated for a minimum of 30 seconds. During this time, paclitaxel is immediately transferred to the artery's endoluminal surface. The balloon is then deflated and removed.
VentureWire reports that in 2008, the company raised a $20 million Series B round from Delphi Ventures, RiverVest Venture Partners, U.S. Venture Partners and Versant Ventures.
- Read more about Moxy