January 28, 2020
Vascular Therapies Completes Upsized $17.3 Million Private Financing
January 28, 2020—Vascular Therapies, a privately held clinical-stage biopharma company focused on improving vascular access outcomes in patients with kidney disease, announced the closing of private financing. The financing includes existing and new investors and was increased from an originally targeted $15 million up to $17.3 million, based upon interest from new investors, including a strategic foreign health care company.
Vascular Therapies advised it is developing Sirogen, a sirolimus formulation for intraoperative local, perivascular drug delivery. The goal of this therapeutic approach is to improve vascular surgery outcomes in patients with kidney and vascular diseases.
The financing, together with existing cash resources, is expected to fund the company through 2020 and provide sufficient capital to complete the gathering and analysis of topline data from the company’s United States phase 3 randomized clinical study and complete the development and testing of Sirogen. The trial is being performed under a Special Protocol Assessment.
With financing completed, the company stated it will now focus on providing results from the trial of Sirogen in dialysis vascular access, which the company expects to announce in Q2 2020.
The drug development program received Fast Track status from the FDA and sirolimus has Orphan Drug designation for dialysis vascular access indications in the United States and European Union. The FDA has tentatively approved the proprietary tradename Sirogen, noted Vascular Therapies.