May 10 2007
Bioabsorbable Therapeutics Inc. announced the close of a Series B round of US$9MM today. CEO Patrick Rivelli said, “We are delighted with the investment round, led by Finistere Ventures LLC and ITX International Equity Corp. This investment will help us begin human clinical trials and move closer to regulatory approval and commercialization.”
The company has developed a novel biodegradable polymer technology, which according to Rivelli “possesses innately anti-inflammatory characteristics.” The polymer is used in a fully biodegradable coronary stent, which would eliminate permanent metal implants in patients.
Existing investors also participated in the round, including Synergy Ventures, BioStar Funds, Teton Capital, and Medfocus Funds.
San Diego-based Finistere Ventures Managing Director Jay Brumfield said, “We are excited about this opportunity, and expect to leverage our experience in cardiology and the stent market to help the company achieve success.”
Rivelli added that “in addition to capital, our new investors bring a depth of operating experience, a window into the Japanese market through ITX, and ties to the clinical and devices communities which are crucial to the company’s goals.”