Vascular Therapies has announced the closing of an upsized $17.3 million private financing. A press release reports that the financing comprised existing and new investors, and was increased from an originally targeted $15 million up to $17.3 million—based upon interest from new investors, including a strategic foreign healthcare company. It adds that Vascular Therapies plans to use the proceeds to further advance Sirogen, which is a proprietary sirolimus formulation for intraoperative, local, perivascular drug delivery.
The financing, together with existing cash resources, is expected to fund the company through 2020 and provide sufficient capital to complete the data gathering and analysis from the company’s US phase 3 randomised clinical study and complete the development and testing of Sirogen.
John McDermott, CEO of Vascular Therapies, comments: “I am delighted to announce the completion of our private financing, which funds the company through 2020. With this financing completed, we are now focused on delivering topline results from our pivotal US phase 3 trial of Sirogen in dialysis vascular access, which we expect to announce in Q2 2020. We look forward to announcing the data given Sirogen’s strong performance in our Phase 2 study, as well as in the Phase 3 trial’s open label group. Vascular access is an important unmet medical need with high failure rates contributing to overall poor outcomes for haemodialysis patients. We believe Sirogen has the potential to reduce vascular access complications, which would lower costs and provide improved outcomes for patients with kidney disease.”