NeuroVasc Technologies, a healthtech startup focused on novel catheter-based technologies to treat neurovascular disease, announced that it has closed $34M in funding through a strategic partnership with the Wego Group. The new capital infusion will be used to support the company’s product portfolio development and global clinical trial program.
NeuroVasc has developed a comprehensive portfolio development strategy to bring differentiated tools to the INR community to facilitate broader treatment options for patients suffering stroke and other neurovascular diseases.
Founded in 2015 by Jim Ma, the Los Angeles, California-based NeuroVasc is dedicated to advancing neurovascular innovation. Unlike other start-ups, NeuroVasc’s efforts are not just to develop a single product or single family of products, but to assemble a leading catalog of products—internally developed and acquired—to address unmet needs in the treatment of neurovascular disease. Its current core product is a next-generation mechanical thrombectomy system that is designed to improve physicians’ clot retrieval capabilities in tortuous anatomy
The strategic partnership marks a major step forward for NeuroVasc Technologies in bringing a full neurovascular platform to market. The company’s portfolio of devices is aimed to help neurointerventional physicians more efficiently and effectively treat neurovascular disease. This treatment focus includes over 25.7 million cases of stroke globally each year. By 2025, the worldwide neurovascular devices market for stroke alone is expected to grow from $2.5 billion to $3.4 billion. NeuroVasc—with its innovative stroke solutions and product pipeline—is positioning itself to be a leader in this space.
“I have worked with the team from NeuroVasc Technologies for several years during the development of their stroke technologies, and I am very impressed with the collaborative and thoughtful approach they systematically employ through the design process. This gives me full confidence in the strength of NeuroVasc’s foundation and I am looking forward to their future projects,” said Professor Vitor Mendes-Pereira of the University of Toronto’s Toronto Western Hospital.
“Our growth is rapidly accelerating as a result of this partnership,” says Jim Ma, CEO of NeuroVasc. “We remain focused on delivering innovative technology that enables reproducible results, thereby helping physicians provide better outcomes for their patients.”
The $34 million in funding has been applied initially towards supporting clinical trials for the company’s novel stent-retriever, designed to treat patients suffering an acute ischemic stroke, in all major markets including Japan, EU, US, and China.
“This is an exciting time to be partnering with a company dedicated to improving stroke and neurovascular therapies,” remarks Mr. XueFeng Wu, CFO from Wego Group. “NeuroVasc and Wego have partnered to execute a comprehensive development strategy including the commencement of several pivotal clinical trials around the world in 2020. This series of efforts we feel will bring huge social and commercial value.”
CEO Ma added,“We are committed to expanding our product portfolio and developing robust clinical evidence for them to underpin our rapidly expanding commercial activity.”