Devices & Diagnostics

Fundraising: Abdominal aortic aneurysm repair company raises $6 million

Abdominal Aortic Aneurysm repair company Altura Medical raises $6 million to work toward a CE mark and commercialization in Europe.

Company name: Altura Medical.

Industry: Medical devices.

Location: San Clemente, California.

Product: Abdominal Aortic Aneurysm Stent-Graft to repair abdominal aortic aneurysms.

Money raised: $6 million (earlier regulatory filings show the company raised an additional $16.5 million).

How it will be used: To fund ongoing product development and clinical trials that will help toward obtaining CE Mark for commercalization in Europe.

Investors: Advanced Technology Ventures, SV Life Sciences, New Leaf Venture Partners.

Management team: George Wallace, chairman.

Market size:  Endovascular Abdominal Aortic Aneurysm (AAA) Repair market will be worth $1.6 billion by 2015.

Competitors: Medtronic, Cook Medical, W.L. Gore & Associates, and Endologix.

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