Shape Memory Medical Completes $38 Million in Financing

March 4, 2024—Shape Memory Medical Inc. announced that it has completed $38 million in Series C financing.

In September 2023, the company—which is a developer of custom shape memory polymers for endovascular markets—announced that the FDA granted an investigational device exemption (IDE) for it to begin its prospective multicenter randomized open-label AAA-SHAPE pivotal trial. AAA-SHAPE is designed to determine the safety and effectiveness of the company’s Impede-FX RapidFill device in improving abdominal aortic aneurysm (AAA) sac behavior, when used with elective endovascular aneurysm repair (EVAR).

In the press release, Shape Memory Medical’s President and CEO Ted Ruppel commented on how the funds will be used.

“With this financing, we are well positioned to accelerate the clinical and market development of shape memory polymer technology for aortic and peripheral vascular markets,” stated Ruppel. “The funds will support the execution of the AAA-SHAPE pivotal trial, a randomized controlled study comparing EVAR plus sac management with Impede-FX RapidFill to stand-alone EVAR.

“The funding will also support the research and development of our product pipeline, and the expansion of sales and marketing strategies to address the increasing demand for our commercially available Impede embolization plug family of devices.”

The company advised that Impede-FX RapidFill is an investigational device in the United States and is limited by Federal law to investigational use.

Earlybird Venture Capital led the financing with the participation of new and existing investors, including HBM Healthcare Investments (Cayman) Ltd., WexMed II LLC, HBM-Medfocus LLC, and Emergent Medical Partners II, LP.