Kalamazoo’s Ablative Solutions Inc. today closed on $77 million in Series D funding to complete clinical trials in support of U.S. and European regulatory submissions for the company’s minimally invasive renal denervation technology.
The procedure is designed to help reduce blood pressure for people with uncontrolled hypertension, while taking antihypertensive medication.
Investors include Glide Healthcare of Utrecht in The Netherlands; BioStar Ventures of Petosky, and an undisclosed investor. The Michigan Accelerator Fund, Novus Biotechnology, and other individual investors also participated the Series D funding round.
Ablative Solutions’ alcohol-mediated renal denervation procedure is performed using the investigational Peregrine System Kit, which is engineered to target nerves known to influence the body’s regulation of blood pressure. The Peregrine Kit delivers dehydrated alcohol in small doses directly to the space outside of the renal artery to block the overactive signaling of the sympathetic nerves. This targeted treatment is designed to be performed in a rapid, straightforward procedure with minimal pain or discomfort for the patient.
“We have been supported the past few years by an amazing team of clinicians who, along with our very hard-working team, are committed to making this treatment available to patients,” says Dr. Tim Fischell, CEO and CMO of Ablative Solutions. “We are excited to have the support of this thoughtful and high-powered group of investors, which will allow the company to complete the studies required to seek regulatory approvals in Europe and in the United States.”
Drug therapy and lifestyle changes are the most common treatments for hypertension. Medication non-adherence remains a serious and underappreciated limitation of drug therapy. More than half of those treated do not achieve their target blood pressure, highlighting the need for improved therapeutic options.
“Ablative Solutions’ patented technology enables a streamlined procedure that has the potential to become an important adjunctive therapy to improve difficult-to-control blood pressure,” says Dr. Michael Fulton, senior managing director of BioStar Ventures, an investor in the company since its Series A round in 2012. “We focus on transformational health care investments, and we believe Ablative Solutions fits that model perfectly.”