ReCor Medical Inc., a Palo Alto- and Amsterdam-based medical device firm, raised a Series D investment of approximately $15M led by Otsuka Holdings Co., Ltd., the parent company of Otsuka Pharmaceutical and the Otsuka group of healthcare companies. Otsuka Holdings, one of the leading healthcare groups in Japan, has joined Sofinnova Partners in the Series D round.
In addition to the news on funding, ReCor has also revealed that the company has met with the US FDA regulations regarding a new randomized controlled trial of its Paradise Renal Denervation (RDN) System in hypertensive patients to demonstrate its effect on blood pressure in conjunction with, and in the absence of, hypertensive drug therapy. The company is planning to conduct the new study at 20 - 25 sites in the US and EU.
ReCor believes that the company's Paradise technology may have a distinct advantage over competitive RF-based RDN systems by providing active vessel protection and 360 degree energy delivery. The company also believes that the Paradise system will demonstrate an important clinical effect in hypertension patients. Mano Iyer, ReCor COO and co-founder, indicated that the company is working with leading hypertension experts and interventionalists to finalize its clinical study design and plan to begin enrollment in the second half of 2015.
