EmboMedics, a Maple Grove, Minn.-based medical device company, has raised $860,000 in equity, according to a regulatory filing made with the SEC. The Series A funding will go mainly toward research and development of its resorbable embolization material, Omid Souresrafil, EmboMedics CEO and co-founder, said. He said the money should take the company through the end of 2014, by which time the company plans to have submitted its first-gen device for 510(k) clearance.
The technology comes from research done at the University of Minnesota, where Dr. Jafar Golzarian, chief medical officer and co-founder, thought up, tested and designed it with his team. Golzarian is a thought leader in embolization in interventional radiology, Souresrafil said.
EmboMedics will use the technology as a platform for future products and continue to expand its portfolio in that direction. For the second generation of the device, which will require a PMA route, Souresrafil said, the company will focus on drug-delivery.
“That’s the way to go, and everyone wants a drug-loaded embolization material,” he said.
The company seeks to use the solution as an interventional radiology treatment for men’s prostates, to shrink uterine fibroid tumors and in coordination with chemotherapy, according to its website.
The next round of funding, which will likely be in the ballpark of several million dollars, will depend on what clinical trials and data is required to meet the FDA’s requirements on that PMA route, Souresrafil said.
Investors include “mainly” angels and private investors, Souresrafil said, as the company steered clear of venture, opting to maintain independence at this early stage.
A Deep-dive Into Specialty Pharma
A specialty drug is a class of prescription medications used to treat complex, chronic or rare medical conditions. Although this classification was originally intended to define the treatment of rare, also termed “orphan” diseases, affecting fewer than 200,000 people in the US, more recently, specialty drugs have emerged as the cornerstone of treatment for chronic and complex diseases such as cancer, autoimmune conditions, diabetes, hepatitis C, and HIV/AIDS.
The officers and directors listed on the filing include Souresrafil, formerly of Sorin, Impulse Dynamics and Medtronic, among others; Golzarian; Chief Scientific Officer Lihui Weng, a professor at UM; and Director Reza Malek, who also serves on the company’s scientific advisory board.
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