TLDR:
- Nectero Medical, a Tempe-based biotech company, secured a $96 million investment for clinical trials
- The investment will be used to support the second and third phases of a clinical trial for the Nectero Endovascular Aneurysm Stabilization Treatment (EAST) system
Amy Edelen from the Phoenix Business Journal reports that Nectero Medical, a Tempe-based biotech company, has secured a significant investment of $96 million in a series D round. This investment, led by Norwest Venture Partners with participation from various other investors, is one of the largest venture capital deals in Arizona this year. The focus of Nectero Medical is on heart disease treatments, specifically the Nectero Endovascular Aneurysm Stabilization Treatment (EAST) system.
The funds from this investment will be used to accelerate the clinical trials of the EAST system, with a particular emphasis on the second and third phases of the trials. The company initiated clinical trials in January to study the safety and effectiveness of the EAST system in patients with infrarenal abdominal aortic aneurysms. These trials will take place at 45 sites across the nation, including locations in the Phoenix area. Additionally, Nectero Medical plans to utilize the investment to support the submission of a new drug application for its EAST System with the U.S. Food and Drug Administration.
This partnership and investment mark a significant milestone for Nectero Medical, setting the stage for further advancements in heart disease treatments and clinical trial research. With the support of key investors and industry leaders, Nectero Medical is well-positioned to make strides in the field of biotechnology and medical innovation.
