A Medical Device Daily
Alveolus (Charlotte, North Carolina), a developer of non-vascular stenting technologies, reported the closing of a $15 million Series C financing round.
The company said this investment complemented a “very successful“ Series B round of funding for the company of more than $10 million in 2004 (Medical Device Daily, July 30, 2004).
The company said that the new funds will be used “to catalyze“ development of the remaining Alveolus product portfolio.
Alveolus describes its advanced stenting technology as “designed to enhance the quality of life for patients who suffer from pulmonary or gastrointestinal obstruction.“
“The conclusion of this round of financing will enable us to bring successfully to market the remainder of our immediate product portfolio as well as allow us to initiate product development on our newest innovative development initiatives,“ said Eric Mangiardi, Alveolus president and CEO.
The financing was led by Ridgeback Capital Management, joined by MDS Capital and others from the previous Series A and B rounds of financing.
The company received approval in 2003 from the FDA for its Stent Technology System for interventional pulmonary stenting (MDD, June 2, 2003).
In addition to the pulmonary applications, the company said it also is in various stages of development for stents for use in the esophagus, colon, duodenum, pancreas, biliary tract and other ducts.