NTU Spin-Off Amaranth Medical Raises US$20m Series B Financing
Nanyang Technological University spin-off Amaranth Medical has closed a US$20 million Series B financing round led by new investor DCP Management Pte. Ltd.
AsianScientist (Oct. 8, 2013) – Nanyang Technological University (NTU) spin-off Amaranth Medical has closed a US$20 million Series B financing round led by new investor DCP Management Pte. Ltd.
Amaranth Medical is headquartered in Mountain View, California, and its research and manufacturing operations are located both in Singapore and at its Silicon Valley headquarters.
Existing investors Bio*One Capital, Charter Life Sciences and Phillip Capital, as well as new investor Venstar Capital, also participated in the financing. Proceeds from this financing will support continued development and the upcoming CE Mark clinical trial of FORTITUDE™, a bioresorbable scaffold for use in treating coronary artery disease.
“The FORTITUDE scaffold has been designed to have a high radial strength, significant conformability to the vessel wall and prolonged stability, yet be totally bioresorbable, which may reduce complications such as vascular inflammation, restenosis and stent thrombosis,” said Kamal Ramzipoor, the General Manager and Chief Technical Officer of Amaranth.
Amaranth Medical’s Singapore facility will continue its advanced R&D activities and prepare for ramping up the production of its bioresorbable scaffold. Its ongoing clinical study is a prospective, non-randomized, investigational study to assess the safety and feasibility of the FORTITUDE™ bioresorbable scaffold. This study enrolled patients with symptomatic coronary artery disease, and enrollment was completed in Jul. Angiographic and intravascular ultrasound (IVUS) follow-up will be conducted on all study participants at six months and two years following implantation.
“Having spun off Amaranth from Nanyang Technological University in 2005, we are naturally proud to be part of the next stage of their development of the FORTITUDE Bioresorbable Scaffold,” said Ms. Swee-Yeok CHU, CEO and President EDBI and Bio*One Capital. “Amaranth’s Singapore activities have helped develop novel manufacturing processes for bioresorbable scaffolds, and significantly enhanced the minimally invasive cardiovascular interventions capabilities locally.”
Source: Amaranth Medical.
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