California-based medtech E2 (Endovascular Engineering) has raised $80 million in a series C funding round as it looks to commercialize its pulmonary embolism treatment.
The Hēlo Thrombectomy Platform received FDA clearance late last year for use in peripheral veins to treat pulmonary embolism without the need for surgical intervention.
The innovation behind the tech is its dual-action mechanism that combines aspiration with mechanical clot disruption, while being delivered through a small-profile catheter.
The oversubscribed financing was co-led by Gilde Healthcare and Norwest, with participation from existing investors including Santé Ventures and 415 Capital, as well as two undisclosed strategic investors and a new global strategic investor, according to an April 7 press release.
The latest round comes just over a year after its $42 million series B financing. The proceeds will support commercial efforts following its FDA clearance.
“This financing enables us to build a strong commercial organization while continuing important investments in R&D and Operations,” Dan Rose, CEO of E2, said in a release.
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This is an increasingly competitive area for medtech companies, including Stryker, which gained the FlowTriever system through its $4.9 billion acquisition of Inari Medical last year—the first mechanical thrombectomy system to receive FDA 510(k) clearance.
Other major players in the space include Boston Scientific, through its $14.5 billion acquisition of Penumbra, which is expected to add new mechanical thrombectomy products, as well as Jupiter Endovascular, which raised $40 million in a series B round last year.
