Pharmaceutical company Shenzhen Salubris Pharmaceuticals has led an $11m series D round for US-based catheter technology developer Mercator MedSystems that included unnamed new and existing investors.
Mercator develops catheter-based micro-infusion systems that can infuse drugs or biologics through veins or arteries, and the technology is generally used for cardiovascular and pulmonary disease.
Salubris invested after obtaining the clinical development and manufacturing rights for Mercator’s Bullfrog Device in China through a deal that will make Mercator eligible for milestone payments.
Mercator CEO Trent Reutiman said: “We are excited to announce that such a prominent Chinese pharmaceutical company is partnering with Mercator for the Bullfrog Micro-Infusion Device’s entry into the fastest growing medical market in the world.
“Salubris has recently been investing in a robust and cutting-edge cardiovascular medical device portfolio in China. Their lead in the current round of financing is a strong vote of confidence in the potential of the Bullfrog Device to treat patients with peripheral arterial disease (PAD) and critical limb ischemia.”
Mercator had previously raised $6.5m from Volcano Capital, Crocker Capital, Set Technology and Aphelion Capital in a 2013 series B round that took its total funding to $18.5m.