Santa Clara, Calif. – March 14, 2017 – Cardiva Medical®, an innovator in the field of vascular closure, today announced that the company has completed closing of a $30 million equity financing. The equity round included new investor, affiliates of Luther King Capital Management, and drew continued participation from all of Cardiva Medical’s existing major investors, including PTV Healthcare Capital and the Canepa Advanced Healthcare Fund.
The financing will be used to continue the rapid commercial expansion of the VASCADE® Vascular Closure System – and to fund Cardiva’s proprietary, next generation closure technologies that are in development.
“We are pleased to welcome the affiliates of Luther King Capital Management as a new investor, and grateful for the continued support of our existing investors” said John Russell, President and CEO of Cardiva Medical. “Our mission is focused on reducing access site complications for the millions of patients who undergo vascular procedures each year. VASCADE has made a difference for over 100,000 patients in the United States since commercial launch just three years ago and adoption continues to grow rapidly. This financing will enable us to fully execute our commercial growth and development programs.”
“VASCADE has demonstrated an unprecedented safety profile for patients – which is fueling Cardiva’s rapid growth rate” said Michael Bornitz of Luther King Capital Management. “We are excited to be part of that growth story and the expansion of Cardiva’s technology into new areas.”
There are over 6 million interventional procedures a year in the United States alone, and bleeding at the access site remains the number one source of complications for these patients. The VASCADE Vascular Closure System is the only closure system to demonstrate a statistically significant reduction in access site complications in a prospective, randomized controlled clinical trial – called RESPECT. The RESPECT study included 420 patients at 20 U.S. centers, comparing VASCADE to manual compression for femoral arterial closure.
Cardiva Medical, Inc is a privately held medical device company with headquarters in Santa Clara, California. For further information, visit our website at www.cardivamedical.com.