Rapid Medical Closes Funding to Support Product Development and Commercialization

May 25, 2021—Rapid Medical, a company focused on the development of adjustable neurovascular devices, announced it has completed an oversubscribed Series D financing of $50 million, which will be used to support the worldwide commercial growth of the company’s minimally invasive stroke products.

The proceeds will be used to expand commercial operations in the United States and Europe, create additional clinical evidence supporting the company’s products, and advance the product development pipeline utilizing Rapid’s braiding technology platform. In addition, the funding will be used to obtain regulatory approvals in new strategic territories such as China. The round was led by MicroPort with participation from Citic private equity fund, Deep Insight, and existing investors.

Rapid Medical recently announced the FDA clearance and launch of its Tigertriever 17 and Tigertriever 21 revascularization devices for use in the treatment of ischemic stroke. The Tigertriever 17 and 21 clot retrievers have CE Mark approval. The Comaneci and Columbus/Driverwire have CE Mark approval and FDA clearance. Tigertriever XL has received CE Mark approval. Additionally, Tigertriever 13, the smallest clot retriever device in the company’s Tigertriever product portfolio, is indicated for the removal clots from more distant areas in the brain. Tigertriever 13 received CE Mark approval but is not cleared by the FDA, advised the company.