17 November 2023 | Friday | News
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The oversubscribed capital raise was led by existing venture capital investors: U.S. Venture Partners, Norwest Venture Partners, InnovaHealth Partners, and The Vertical Group.
Route 92 Medical has reimagined neurovascular intervention through the development of a suite of reperfusion systems leveraging unique designs including the Tenzing® delivery catheter. These products are designed to work harmoniously as a system to improve the efficiency of endovascular thrombectomy procedures, enabling clinicians to quickly restore blood flow to a patient’s brain following acute ischemic stroke, the most common type of stroke affecting patients today.
Proceeds from the financing will be used to accelerate the U.S. commercialization of the FreeClimb® 70 Reperfusion system featuring the FreeClimb 70 aspiration catheter and the Tenzing 7 delivery catheter. Funds will also be used to complete SUMMIT MAX, an FDA IDE-approved pivotal trial evaluating the HiPoint™ 88 and HiPoint 70 catheter systems, both featuring the Tenzing delivery catheter.
“The launch of the first complete reperfusion system with the Tenzing delivery approach is a tremendous step forward for stroke care,” said Chris Hartman, Chief Commercial Officer of Route 92 Medical. “We have already seen early clinical adoption as the Route 92 organization continues to execute on many fronts: product development and regulatory milestones, scaling manufacturing capabilities, hiring world-class sales personnel, and growing commercial operations.”
The funds will also support the company’s operational growth. Route 92 Medical is completing the process validations of its first commercially available products from its new high-volume manufacturing plant near Salt Lake City, Utah. The new 40,000 square foot facility will provide over 12,000 square feet of production clean room, warehousing, and distribution functions with enough stand-alone capacity to fulfill the growing demand for the Company’s products well into the future.
“We are continuing to build our industry-leading commercial and support teams to bring our Tenzing, FreeClimb, HiPoint, and Monopoint products to the market, serving our interventionalist customers and their patients. This latest investment validates our clinical and commercial performance as we focus on improving outcomes for patients suffering from devastating strokes,” said Tony Chou, Chief Executive Officer and Founder at Route 92 Medical.
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