A Minnesota startup developing a vascular closure device is looking to raise $2.5 million in debt and options, according to a regulatory filing. It has raised $30,000 so far.
CloSys Corp. has been raising money every year since 2007. It’s not clear exactly how much has been raised. Submissions with the U.S. Securities and Exchange Commission are not required to be updated. In 2010, the company was seeking $2.38 million and had raised $1.49 million at the time of the filing.
The company’s CEO Gervaise Wilhelm declined comment until the current round closes.
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According to the CloSys website, it is developing the CloSys HD vascular closure system, which uses no foreign materials to seal the opening or cut of an artery wall. The system relies on the patient’s own deheparinized blood to form the clot similar to the effect of manual compression, but speeds up the process to 20 minutes, down from several hours. A demo of the product is available here.
A successful European trial was completed in mid-2008, according to the website. The website, which hasn’t been updated, notes that CloSys was conducting a U.S. pivotal trial in four centers that was expected to be concluded by December 2010.
Wilhelm appears to have been a successful executive. Her biography posted on the CloSys website notes her as a founder of AngioMedics Inc. (now part of Boston Scientific). She was also president and CEO of Interventional Innovations/XRT Corp., which was acquired by Medtronic.
CloSys’ board of directors include Karol Nowakowski, founder and chief technical officer, and John Frobenius, a University of Minnesota Board regent and a retired hospital administrator.