Contego Medical, which sells a filter platform for angioplasty balloon and stent delivery catheters, has closed on its $5.6 million Series B financing led by Hatteras Venture Partners with participation from Mountain Group Partners, Lookout Capital and Medical Mutual.
“Contego Medical’s portfolio of angioplasty balloons and stents embodying the Integrated Embolic Protection filter platform represents a breakthrough technology, which we believe will help endovascular interventionalists reduce the risk of stroke and other procedural complications,” said Doug Reed MD, General Partner of Hatteras Venture Partners, in a statement. Reed will be joining Contego Medical as a board member.
The company will use the funds to continue to grow its leadership, sales and engineering teams and to develop several new and innovative products with its next-generation Integrated Embolic Protection platform.
The company’s devices under development address a multi-billion dollar market, and have the potential to become standards of care in their respective target treatment areas as the combination devices are designed to simplify procedures, improve outcomes and offer cost-effective solutions, said Ravish Sachar MD, founder and CEO of Contego Medical.
Contego Medical was co-founded by Dr. Ravish Sachar, a practicing interventional cardiologist with Wake Heart and Vascular, and Dr. Jay Yadav, the inventor of the original embolic protection device, Angioguard, which was acquired by Johnson & Johnson in 1998.
The company’s devices protect against embolisms, which may be caused by a blood clot, fat globule, gas bubble or foreign material in the bloodstream.
Founded in 2011, the company previously raised a $1.5 million Series A round.
