By E. Janene Geiss
Philadelphia, Nov. 2 - Devax Inc. said it raised $32 million in a series D financing round.
InterWest Partners and U.S. Venture Partners were the lead investors. Also participating as a new investor was Bio-Star Private Equity Fund, according to a company news release.
The funding will be used to finance the company's U.S. IDE clinical study and international marketing of the Axxess drug-eluting bifurcation stent. At the recent Transcatheter Cardiovascular Therapeutics meeting, Devax reported positive results on its Axxess Plus trial, a first in-man study for the drug-eluting bifurcation stent, which included 139 patients from 13 international study centers. The Axxess stent is the first to show clinical results with a drug-eluting stent designed specifically for bifurcation lesions, officials said.
"We believe that the Axxess stent technology is a novel device that addresses one of the interventional cardiologist's most difficult patient populations. We are excited about working with Devax to bring this solution to the market," Michael Sweeney, general partner at InterWest Partners, said in the release.
As part of the transaction, Sweeney and Casey Tansey of U.S. Venture Partners have joined the Devax board of directors, officials said.
Piper Jaffray advised the company for this transaction.
Devax, an Irvine, Calif.-based medical device company, focuses on the development of proprietary bifurcated stent system.
| Issuer: | Devax, Inc.
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| Issue: | Series D financing
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| Amount: | $32 million
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| Investors: | InterWest Partners, U.S. Venture Partners (leads), Bio-Star Private Equity Fund
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| Announcement date: | Nov. 2
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