April 11, 2016
Medical biotech startup EmboMedics wrapped its Series A1 round of funding with $4.3 million raised.
The Maple Grove-based company’s CEO Omid Souresrafil said in a statement that it would use the money to obtain pre-market approval for a drug-delivery device.
“The money should take the company through the end of 2018,” Souresrafil said, “by which time the company would have clearance for some of its devices.”
EmboMedics, which formed in 2012, is developing bioresorbable embolic microspheres, a technology that can be used to deliver drugs to tumor sites and block off blood flow. The biodegradable hollow beads are designed for use in coordination with chemotherapy treatment on uterine fibroid tumors, liver cancer and men’s prostates.
The technology originated from the University of Minnesota where EmboMedics co-founder and chief medical officer Dr. Jafar Golzarian created the embolization product with his team.
The company launched its latest funding effort last July and received contributions from 29 investors, although no names were disclosed. Regulatory filings indicate the company previously received upwards of $1.7 million in financing during 2014.
In April of last year, New York-based medical device manufacturer AngioDynamics also posed an $11 million deal to EmboMedics for exclusive licensing rights to its microsphere technology. Per the agreement, AngioDynamics made an initial equity investment of $2 million with another $9 million up possible if EmboMedics’ product performed well on the market.