Financing Supports Pivotal Trial of PQ Bypass' Detour System
January 8, 2019—PQ Bypass, Inc. announced that it has entered into an agreement that provides for up to an aggregate of $60 million in equity financing that will be used to advance the clinical development of the company’s technology for the treatment of long blockages in leg arteries caused by peripheral artery disease. The financing will also allow the company to convert approximately $15 million in outstanding convertible debt and interest to equity.
The funding will support the DETOUR II pivotal trial, which is evaluating the safety and effectiveness of the company's Detour system to create a percutaneous femoropopliteal bypass. Currently underway, the trial will enroll up to 292 patients at up to 40 sites across the United States and Europe. DETOUR's National Coprincipal Investigators are Sean Lyden, MD, and Jihad Mustapha, MD.
In March 2017, PQ Bypass received European CE Mark approval for the Detour system. The Detour system is an investigational device and is limited by United States law to investigational use only.
The financing round is led by Deerfield Management and includes existing investors Seroba Life Sciences and MedTech Venture Partners.