Updated on 8 October 2013
Singapore-based Amaranth Medical closed $20 million series B financing led by new investor DCP Management, Singapore
Singapore: Singapore-based Amaranth Medical, a privately-held medical device company, has closed $20 million series B financing led by new investor DCP Management, Singapore.
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.
"We greatly appreciate the financial support provided by DCP Management, Bio*One Capital, Charter Life Sciences, Phillip Capital and Venstar Capital, and we believe that this very successful financing is an indication of the unique potential of the Fortitude bioresorbable scaffold," said Mr Kamal Ramzipoor, GM and chief technical officer, Amaranth.
"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," he added.
"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.