US-based medical device maker ReCor Medical raised approximately $15m on Friday in a series D round led by Otsuka Holdings, the parent company the Otsuka group of healthcare companies.
Venture capital firm Sofinnova Partners also took part in the round, which was announced concurrently with news of a new randomised, controlled trial of ReCor’s lead product, Paradise Renal Denervation System.
Paradise uses ultrasound to treat resistant hypertension, a condition whereby blood pressure remains is elevated too highly.
The new study, which follows three clinical trials, is set to be conducted at 20 to 25 sites in the US and in Europe. ReCor plans on beginning enrolment for the study in the second half of 2015.
Andrew M. Weiss, chief executive of ReCor, said: “We are pleased to have attracted investment from one of Japan’s premier healthcare groups. This new relationship will support our upcoming US clinical studies and open new potential for our technology in Japan and greater Asia.”
ReCor, founded in 2009 by Sofinnova Partners, Mano Iyer and Jacques Seguin, has not disclosed any previous funding rounds. Iyer is an entrepreneur-in-residence at Sofinnova and serves as ReCor’s chief operating officer.