Neurovasc Technologies, a US-based medical device developer focused on neurovascular disease, picked up $34m in funding on Thursday from single-use medical device manufacturer Wego.
Founded in 2015, Neurovasc is working on a portfolio of products aimed at unmet needs in the treatment of neurovascular diseases, including strokes.
The company’s lead product is a mechanical thrombectomy system designed to retrieve clots in difficult-to-reach areas. It is aimed at conditions such as acute ischemic stroke (AIS), where a clot blocks bloodflow to the brain which is deprived of oxygen as a result.
Wego made its investment as part of a partnership agreement that will involve it developing Neurovasc’s portfolio and running clinical trials in the US, European Union, China and Japan for the treatment of AIS.
XueFeng Wu, chief financial officer of Wego, said: “This is an exciting time to be partnering a company dedicated to improving stroke and neurovascular therapies.
“NeuroVasc and Wego have partnered to execute a comprehensive development strategy including the commencement of several pivotal clinical trials around the world in 2020. This series of efforts we feel will bring huge social and commercial value.”
Venture capital ShangBay Capital led a $6.3m series B round for Neurovasc in May 2018 that also featured multiple unnamed investors. Neurovasc had previously secured $1.5m in equity funding from unnamed investors in 2015, according to a regulatory filing.
