SAN MATEO, Calif., Dec. 14, 2021 (GLOBE NEWSWIRE) -- Route 92 Medical, Inc., a private medical technology company dedicated to becoming the performance leader in stroke intervention, today announced that it has raised over $110 million in a combined Series E and debt financing. The capital raise consisted of a $56 million Series E financing round led by new investors InnovaHealth Partners and Norwest Venture Partners. The round was also supported by existing Route 92 Medical investors The Vertical Group and U.S. Venture Partners. Runway Growth Capital complemented the equity financing with an up to $55 million senior secured term loan.
Proceeds from the financing will be used to enroll the SUMMIT MAX clinical trial with the goal to obtain FDA clearance for the proprietary Route 92 Medical Reperfusion System. Funds will also be used to further develop new products and commercialize its technology in key regions.
“Route 92 Medical is laser-focused on becoming the first neurovascular company to launch an FDA-cleared 088 Aspiration Catheter for the treatment of acute ischemic stroke. We believe that our catheter technology featuring the Monopoint® operating system will ultimately serve as a platform to revolutionize neurovascular aspiration thrombectomy for large vessel occlusions. This financing provides sufficient capital to carry out our US Pivotal trial and a limited commercial release of our products, the next critical steps in our company’s evolution,” said Dr. Tony Chou, Co-Founder and CEO of Route 92 Medical.
“Globally, stroke is the second-leading cause of death and the leading cause of long-term disability,” said Dr. Joey English, Chief Medical Officer and Route 92 Medical Co-Founder. “Route 92 Medical has developed a unique, next-generation system designed to improve stroke intervention procedures.”
In conjunction with the Series E closing, Dr. Ariella Golomb, Founder and Managing Director of InnovaHealth Partners, joins the Route 92 Medical Board of Directors. Dr. Golomb brings over 20 years of expertise from her roles across medicine, healthcare strategy and investing, in addition to a wealth of scientific and clinical relationships.
“We have seen remarkable physician response to the Route 92 Medical platform,” said Dr. Ariella Golomb, Managing Director at InnovaHealth. “The company’s Monopoint system featuring the Tenzing® Delivery Catheter is well positioned in the rapidly growing neurovascular market. I am pleased to join the Board of Directors at this exciting time in the company’s growth.”
About Route 92 Medical, Inc.
Based in San Mateo, CA, Route 92 Medical’s mission is to become the leader in neurovascular aspiration thrombectomy. The Route 92 Medical platform utilizes the Monopoint operating system including an 088 catheter delivered to the neurovasculature using the specialized Tenzing catheter. The system is designed to provide superior navigation to challenging anatomy and robust support, along with unparalleled simplicity and speed.
About InnovaHealth Partners
Based in New York, InnovaHealth Partners, LP is a leading private equity firm providing growth capital to the medical technology industry. The firm focuses on a diversified portfolio of lead investment positions and collaborates closely with each management team. InnovaHealth Partners is led by five principals who collectively have over 100 years of experience investing in the medical device space. The team has worked together for over 15 years and has $900 million of committed capital under management between its funds and co-investments. For more information, please visit https://www.innovahealthpartners.com/
About Norwest Venture Partners
Norwest is a leading venture and growth equity investment firm managing more than $12.5 billion in capital. Since its inception, Norwest has invested in more than 650 companies and currently partners with more than 200 companies in its venture and growth equity portfolio. The firm invests in early to late-stage businesses across a wide range of sectors with a focus on consumer, enterprise, and healthcare. The Norwest team offers a deep network of connections, operating experience, and a wide range of impactful services to help CEOs and founders scale their businesses. Norwest has offices in Palo Alto and San Francisco, with subsidiaries in India and Israel. For more information, please visit www.nvp.com. Follow Norwest on Twitter @NorwestVP.
About Runway Growth Capital LLC
Runway Growth Capital LLC is the investment advisor to investment funds, including Runway Growth Finance Corp., which are lenders of growth capital to companies seeking an alternative to raising equity. Led by industry veteran David Spreng, these funds provide senior term loans of $10 million to $70 million to fast-growing companies based in the United States and Canada. For more information on Runway Growth Capital LLC and its platform, please visit our website at www.runwaygrowth.com.
Investor Contact:
Marissa Bych
Gilmartin Group
marissa@gilmartinir.com
