Blockade Medical Announces Closing of Equity Financing Round and The Formation of Joint Venture.
Blockade Medical LLC, a privately held company focused on the development of catheter based therapeutic devices for the treatment of cerebral aneurysms and ischemic stroke, announced today the closing of a round of equity financing. The financing was comprised of existing investors and new investment from TitanMed Capital and GP Healthcare Capital, venture capital and private equity funds, which are dedicated to healthcare investments. The company also announced the formation of a joint venture for future manufacturing of Blockade Devices for the Chinese marketplace.
The funds will support the continued commercialization of the Barricade Coil System™ and will also be used for the continued development of novel neurovascular devices for the treatment of aneurysms, stroke and other neurovascular conditions.
“Securing this funding demonstrates the confidence from our existing and new investors in our ability to bring new and differentiated technologies to market,” said Dave Ferrera, Blockade Medical’s President and Chief Technology Officer. “We are very proud of the high double digit growth we have experienced year over year and the significant products we have delivered to the global marketplace with the limited private financing up to this time. We are now embarking on a new chapter at Blockade Medical where the next generation of products will be highly differentiated and potentially therapy shifting technologies.”
About the Barricade Coil System:
The Barricade Coil System is an embolization coil line, which is designed to endovascularly occlude blood flow in vascular abnormalities of the neurovascular and peripheral vessels. The Barricade Coil System is a comprehensive bare platinum coil line available in framing, filling and finishing shapes. The Barricade Coil System received CE Mark in July 2012 and FDA 510(k) Clearance in March 2013.
About Blockade Medical:
Blockade Medical is a privately held medical device company focused on expanding the endovascular management of ischemic stroke, hemorrhagic stroke and related diseases of the neurovascular system. The company manufactures the Barricade Coil System in the United States and is based in Irvine, California.
About TitanMed Capital:
TitanMed Capital is an international healthcare venture capital firm with offices in Beijing, Hangzhou and Los Angeles. The firm provides funding and strategic industry resources to emerging companies focused on medical devices, biotechnology, pharmaceuticals and healthcare services.
About GP Healthcare Capital:
GP Healthcare Capital, a subsidiary fund of GP Capital, is a professionally managed private equity fund which invests primarily in medical devices, pharmaceuticals, biotechnology and mobile healthcare.
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