TLDR:
- Nectero Medical raised $96 million in a series D round to accelerate clinical trials for its heart disease treatment.
- The investment will be used to support the development and submission of a new drug application for its EAST system with the FDA.
Article Summary:
Tempe-based biotech company, Nectero Medical, has secured a $96 million series D round led by Norwest Venture Partners to advance clinical trials for their Nectero Endovascular Aneurysm Stabilization Treatment (EAST) system. The investment will be used to accelerate the second and third phases of clinical trials for their heart disease treatment.
The EAST system is designed to strengthen the aortic vessel wall and potentially reduce further degradation by delivering pentagalloyl glucose locally into the aneurysmal wall. The procedure takes less than an hour to complete and leaves no permanent implant behind. Nectero plans to conduct clinical trials at 45 sites nationwide, including in the Phoenix area, and to submit a new drug application for the EAST system with the FDA.
Dr. Zack Scott from Norwest Venture Partners and Dr. Alan Davis from BioStar Capital have joined Nectero’s medical board of directors as part of the investment. If successful, the EAST system could offer a therapeutic option beyond surveillance for patients with smaller abdominal aortic aneurysms. The FDA has granted breakthrough therapy designation to the EAST system, indicating potential substantial improvement over existing therapies.
This $96 million round is the largest investment raised this year among venture capital-backed companies in Arizona. It surpasses previous investments made in Tucson-based Sion Power and World View. Nectero’s previous capital raise was a $19.5 million series C round in 2021. The company’s groundbreaking heart disease treatment has the potential to significantly impact the treatment of aneurysmal disease.
