Evasc Neurovascular Enterprises ULC, formerly Evasc Medical Systems Corp., has raised $10 million in Series A led by Yonghua Investment Management Co., Ltd. (上海涌铧投资管理有限公司) of Shanghai, China. Several of Evasc’s existing investors also participated in the financing.
Together with previous seed financing rounds, a total of CAD $27 million has been raised to date for the development and commercialization of the eCLIPs System.
The new funds will be used towards achieving strategic milestones related to the eCLIPs Aneurysm Treatment System in three key areas: expand use cases; improve ease of use; clinical trials & regulatory approval.
“We are excited to welcome Yonghua Capital to the Evasc team. This new funding will allow us to accelerate our plans to transform the cerebral aneurysm repair industry, enabling a much higher level of patient care and successful treatment outcomes than is currently possible,” said Dr. Donald Ricci, President and Chief Executive Officer of Evasc.
In development since 2008, eCLIPs is a patented endovascular device designed to treat 95% of cerebral aneurysm cases, and is currently targeted for use in challenging wide-neck bifurcations. eCLIPs combines the best properties of stents and diverters, and can be used for coil retention and to enhance flow disruption. eCLIPs avoids dangerous entry into the dynamic, fragile environment of the aneurysm sac, while protecting and providing a platform for endothelial growth across the bifurcation neck. To date, eCLIPs has been used to treat cerebral aneurysms in over 40 patients in Canada and 8 European countries.
Yonghua Capital (涌铧投资) is the primary investment vehicle of Yongjin Group (涌金集团). Yonghua Capital has invested in over 100 outstanding companies, among which nearly 60 of which have been listed on stock exchanges.
photo credit: Evasc
Ted is the architect of CVCA infobase, and is the architect of CPE Media's Financings.ca, Canada's most sophisticated and advanced all private capital and public market financing database.
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