A medical device company run by serial entrepreneur David Fischell has raised $1.4 million for the development of its catheter system to treat hypertension.
The fundraising target for the series A round is $2.5 million, according to a Form D filing with the U.S. Securities and Exchange Commission.
David Fischell is the co-founder of and board director of the New Jersey-based Ablative Solutions. He is the son of Robert Fischell, a scientist and engineer with more than 200 patents, many of them for medical devices, and the brother of Tim A. Fischell, the CEO.
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A patent was filed for the catheter system last year and preclinical animal studies are scheduled to begin this summer, David Fischell told MedCity News last month.
The company’s catheter design would make the procedure, referred to as renal denervation, cheaper and more efficient. The procedure involves damaging or killing the sympathetic nerves in the kidneys to reduce blood pressure.
The market value for a catheter that could reduce high blood pressure could run in the billions of dollars, as roughly 65 million Americans suffer from hypertension.
A sister company, Svelte Medical Systems, also started by Robert and David Fischell, raised more than $18.7 million in a series B round of financing as of Dec. 14 — just under half of its $37 million target to develop its first- and second-generation stents for cardiac surgery.
