Route 92 Medical Announces $50 Million Series F Extension Equity Financing
Funds from Novo Holdings will support global commercial expansion
Novo Holdings’ Noel Jee joins Route 92 Board of Directors
SAN MATEO, Calif., Sept. 23, 2024 (GLOBE NEWSWIRE) -- Route 92 Medical, Inc., a privately held medical technology company dedicated to improving outcomes for patients undergoing neurovascular intervention, today announced a new $50 million extension to its previously announced oversubscribed Series F financing, bringing the total raised to $82 million. Novo Holdings joined returning investors U.S. Venture Partners, Norwest Venture Partners, InnovaHealth Partners, and The Vertical Group in supporting the round. In connection with the investment, Noel Jee, Partner, Growth Investments, Novo Holdings US, joins the Route 92 Board of Directors. Jee brings over ten years of experience in life science investing and consulting.
Proceeds from the financing will be used to accelerate the global commercialization of the company’s neurovascular intervention portfolio, and to pursue regulatory authorizations in new geographies. Route 92 Medical has streamlined neurovascular intervention by creating a suite of reperfusion and access systems leveraging unique designs, all featuring the patented Tenzing® delivery catheter. These products are designed to work harmoniously as complete systems 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.
The Company’s neurovascular portfolio includes the FreeClimb®70 reperfusion system featuring the FreeClimb 70 aspiration catheter and the Tenzing 7 delivery catheter and the FreeClimb 54 reperfusion system comprising the FreeClimb 54 aspiration catheter paired with a Tenzing 5 delivery catheter and the FreeClimb 88 catheter system comprising the FreeClimb 88 catheter and Tenzing 8 delivery catheter. In addition, the company has completed enrollment in its SUMMIT MAX clinical trial, which is evaluating the safety and effectiveness of the HiPoint® 88 and HiPoint 70 reperfusion catheters as part of the Monopoint® reperfusion system.
“Our company is focused on improving outcomes for patients suffering from acute ischemic stroke, and we are continuing to build our industry-leading commercial and support teams to bring our Tenzing, FreeClimb, HiPoint, and Monopoint products to the market,” said Tony Chou, Chief Executive Officer and Founder at Route 92 Medical. “Novo Holdings’ investment validates our clinical and commercial performance and will help us better serve patients and our interventionalist customers.”
“Stroke is an acute event and the difference between life and death is often determined by ease of access and rapid removal of the entire clot. Route 92 Medical’s reperfusion systems provide practice-changing, much-needed innovation for clinicians and patients,” said Noel Jee, Route 92 Board Member. “We look forward to supporting Route 92 Medical’s management team in their efforts to improve care for patients.”
About Route 92 Medical, Inc.
Route 92 Medical is on a mission to improve outcomes for patients undergoing neurovascular intervention through cutting-edge engineering and innovative product design. Founded by physicians, the company collaborates with leading neurovascular clinicians to solve the biggest challenges in neurointervention and deliver meaningful, differentiated solutions that promote clinical success. For more information, visit www.r92m.com or follow the company on LinkedIn.
About Novo Holdings
Novo Holdings is a holding and investment company that is responsible for managing the assets and the wealth of the Novo Nordisk Foundation. The purpose of Novo Holdings is to improve people’s health and the sustainability of society and the planet by generating attractive long-term returns on the assets of the Novo Nordisk Foundation.
Wholly owned by the Novo Nordisk Foundation, Novo Holdings is the controlling shareholder of Novo Nordisk A/S and Novonesis A/S and manages an investment portfolio with a long-term return perspective. Novo Holdings is a world-leading life sciences investor. Through its Seed, Venture, Growth, Principal Investments, Planetary Health Investments and Asia teams, Novo Holdings invests directly in life science companies at all stages of development. In addition, it manages a broad portfolio of Capital Investments, including equities, bonds, fixed income, real estate, and infrastructure assets.
As of year-end 2023, Novo Holdings had total assets of EUR 149 billion.
www.novoholdings.dk
CONTACT: Media Contact Gwen Gordon gwen@gwengordonpr.com
