|Occlusion Perfusion Catheter--Courtesy of Advanced Catheter Therapies|
Advanced Catheter Therapies' venture capital funding round has been oversubscribed, reflecting investor interest in the company's Occlusion Perfusion Catheter for localized drug delivery in the peripheral vasculature.
The Series B goal of $3 million has been met, and the new goal is $4.5 million, the company said last week. All of the investors are from the company's home state of Tennessee.
"We have received strong interest from several different organizations regarding the clinical applications of our lead product, the Occlusion Perfusion Catheter, for the endovascular delivery of targeted agents to treat restenosis, venous insufficiency and AV fistula blockages. By the end of 2014 we expect to have multiple catheter sizes available and commence limited test market release of the OPC for human use," said CEO Paul Fitzpatrick in a release.
The OPC received 510(k) clearance in October 2013. The company says the single-use device creates a localized treatment chamber that prevents systemic release of various drugs selected by the physician. It contains 5 lumens and has a fiber-optic pressure sensor to monitor pressure within the treatment chamber and enable real-time adjustments.
After the catheter is placed in the correct part of the vessel via a guidewire, the balloon lumens at each end of the catheter inflate to form a treatment chamber, according to a company video. Then, the blood is evacuated from the treatment chamber using a saline solution. Next, the drug is delivered from within the catheter. Finally, the balloons are deflated and the catheter is removed from the body.
Peripheral vascular disease is a growing focus of the medical device giants, and advances in drug delivery will only whet their appetite further. Last week Covidien ($COV) announced the acquisition of privately held Reverse Medical, a provider of vascular devices, for an undisclosed sum. And Boston Scientific ($BSX) also bulked up in the vascular devices arena this year with its purchase of Bayer's devices for $415 million.