Silk Road Medical Receives Financing to Support Enroute Portfolio for TCAR Procedures
July 18, 2017—Silk Road Medical announced that it has received $47 million in new funding that will be used to support the company's commercial growth of its Enroute family of products for transcarotid artery revascularization (TCAR) procedures. A private company located in Sunnyvale, California, Silk Road Medical develops and manufactures less-invasive medical devices intended to improve the treatment of carotid artery disease through its transcarotid therapies.
The financing was led by new investors Norwest Venture Partners and funds managed by Janus Capital Management LLC. Existing investors Warburg Pincus, The Vertical Group, and CRG also participated in the round.
As part of the financing, Robert Mittendorff, MD, who is a partner at Norwest Venture Partners, will join the company's board of directors. Dr. Mittendorff is a board-certified emergency physician and former operating executive in the cardiovascular device industry.
Silk Road Medical stated that TCAR combines the surgical principles of neuroprotection with endovascular techniques to treat blockages in the carotid artery at risk of causing a stroke. Silk Road's Enroute neuroprotection system (NPS) allows the physician to directly access the common carotid artery in the neck and initiate high-rate temporary blood flow reversal to protect the brain from stroke while delivering and implanting the Enroute transcarotid stent. The Enroute NPS and stent are US Food and Drug Administration cleared for use in transcarotid procedures.
Erica Rogers, CEO of Silk Road Medical, commented in the company announcement, "Our syndicate of investors speaks to the global standard of care potential for TCAR and our commercial success to date. With this financing, we will continue to build our commercial footprint and momentum in the United States and enter new markets abroad. We are delighted to have such strong financial support as we work to solve unmet needs through innovation, including other transcarotid applications of our intellectual property in acute ischemic stroke and aortic valve disease."