Direct Flow Medical, a US-based medical device producer backed by pharmaceutical firm Johnson & Johnson, secured $32m yesterday in a series D round.
The round comprised $17m in private equity from venture capital firm SV Life Sciences and an undisclosed second investor, as well as $15m in debt financing from healthcare patent holding company PDL BioPharma. The debt portion was the second tranche of a $50m debt facility.
Direct Flow has now raised approximately $109m in total, including $27m from a 2007 series B round co-led by Johnson & Johnson and VC firm Foundation Medical Partners that included VC firms VantagePoint Venture Partners, ePlanet, EDF Ventures, New Leaf Venture Partners and Spray Venture Partners.
The company also secured $40m in series C funding from undisclosed investors in 2009.
Direct Flow is developing a transcatheter medical device to reduce complications when treating patients with heart disease.
The latest funding will be used to complete a pivotal trial in the US, and to expand into new markets. Its product is already commercially available in Europe.