CHATTANOOGA, TN--(Marketwired - Mar 17, 2015) - Advanced Catheter Therapies, Inc. (ACT) announced today that it has completed its $4.5M Series B preferred equity financing round through a strategic investment by TAM Ventures, Limited (TAMV), a subsidiary and a corporate venturing arm of Toray Industries, Inc. (TORAY) in Tokyo, Japan.
ACT is a research and development medical device company with a portfolio of innovative catheter technologies addressing vascular disease and targeted endovascular drug delivery. The company recently received the first limited shipment of its lead product, the Occlusion Perfusion Catheter™ (OPC), which is patented and 510(k) cleared, that will be used to support clinical trials and a targeted test market release.
"This is an eventful, pivotal time for ACT," said Paul J. Fitzpatrick, CEO of ACT. "The investment from Toray is tremendously exciting, and we look forward to successfully bringing the OPC catheter to market for targeted applications. As part of that effort, we are participating in a clinical trial that will initially include 30 patients."
"We are continually seeking new and innovative ways to treat the most pressing medical needs, such as arterial stenosis and restenosis," said Shigeo Fujimori, Director, TAMV. "The very interesting approach taken by ACT has great promise, and we look forward to partnering with ACT to achieve worldwide commercialization of the OPC catheter for select business segments included in Toray's strategic plan."
The OPC is a multi‐lumen balloon catheter designed to temporarily occlude a specific region from blood flow to allow the targeted delivery of various therapeutic and diagnostic agents to the peripheral vasculature. The OPC, which is disease and agent agnostic, has the ability to create a localized treatment chamber and place the agent circumferentially into the vasculature of the treatment chamber. Inflow and outflow ports allow for chamber evacuation, filling and flushing.
The OPC is unique in being able to measure pressure applied inside the treatment chamber. It affords clinicians substantial procedural control along with the ability to select the agent and volume, as well as preventing systemic release of the agent.
About ACT
Advanced Catheter Therapies, a research and development medical device company, has a portfolio of innovative catheter technologies targeting vascular disease including thrombosis, inflammation, occlusions and restenosis. www.acatheter.com
About Toray
Headquartered in Tokyo, TORAY is an 89-year-old integrated chemical industry company conducting business in 25 countries and regions worldwide. In addition to its core growth driving businesses of fibers, textiles, plastics and chemicals, Toray has rapidly growing business units providing world class products in IT-related products, carbon fiber composite materials, pharmaceuticals, medical technology, biotechnology, environmental products and water treatment. As an integral part of the company's long-term strategic plan, Toray has implemented the Life Innovation Project intended to expand its footprint in life science businesses worldwide. www.toray.com
Contact Information:
Media inquiries:
Lynn Hood
678-974-2623
ACT contact:
Paul Fitzpatrick
423-321-8964