480 Biomedical Announces Funding from Broadview Ventures for Development of Pediatric Scaffold
Watertown, MA (PRWEB) June 18, 2015 -- 480 Biomedical, Inc., a clinical stage company developing novel bioresorbable scaffold products for the vasculature, announced today $1.2 million in funding from Broadview Ventures, bringing the total Series C round to $11.7 million.
The Broadview funds will support the development of a bioresorbable scaffold to treat children with pulmonary artery stenosis (PAS), a narrowing in the branches of the pulmonary artery that reduces blood flow to the lungs and can lead to heart failure. PAS affects thousands of children in the US who suffer from Congenital Heart Disease. Development of the 480 Biomedical PAS scaffold has also been funded by the National Institute of Health (NIH) and the National Heart, Lung, and Blood Institute (NHLBI).
Existing treatment options for PAS are limited to invasive surgery or metal stents, which are not able to grow with the young patient. With stents, follow-on expansion procedures or surgeries to remove the stent are often required, exposing the patient to additional hospitalizations and risk. 480 Biomedical’s self-expanding scaffold for PAS supports the vessel lumen to increase blood flow to the lungs, and then dissolves when no longer needed, thus eliminating the need for re-catheterizations or surgeries as patients grow.
“The unique combination of radial strength, self-expansion, and bioresorption achieved with our scaffold has tremendous potential to improve the lives of children with PAS,” said Dr. Maria Palasis, CEO of 480 Biomedical. “We are thrilled to partner with Broadview in this specific area which has historically been under-served and holds tremendous promise for our youngest patients.”
Dr. Maria Berkman, Partner at Broadview Ventures, expressed the firm’s enthusiasm for the company’s momentum and promise:
“The team at 480 Biomedical has made significant progress towards creating products that will greatly improve treatment of vascular disease in children,” said Dr. Berkman. “Their goals are in perfect alignment with our mission of providing critical funding to areas of scientific innovation that improve cardiovascular patient care. We are proud to become a part of this important effort.”
Broadview joins existing investors Polaris Partners, North Bridge Venture Partners, Intersouth Partners, and a strategic investor in the backing of the company. 480 Biomedical is also developing a drug-eluting bioresorbable scaffold, which is currently under evaluation in a global clinical study, for the treatment of adult superficial femoral artery disease.
About 480 Biomedical
480 Biomedical is using the most sophisticated tools of advanced materials science to create innovative products to treat serious vascular disease and injury. The company’s lead product, the Stanza™ scaffold technology, combines biocompatible materials with innovative engineering for optimal balance of radial force, flexibility, and bioresorbability. This proprietary scaffold is also ideal for controlled delivery of drug for several months. 480 is also developing a pediatric scaffold to address a significant unmet clinical need for children with cardiovascular defects with support from the National Institute of Health.
About Broadview Ventures
In 2008, the trust of the Fondation Leducq created Broadview Ventures, Inc. to accelerate the development of technology for the diagnosis and treatment of cardiovascular and neurovascular disease through targeted, early-stage investment. Broadview Ventures is designed to help overcome the problem of the so-called “translation gap,” by investing at a critical stage in companies’ development in order to bring the advancements of science to the care of patients.
Emily Mendell, Polaris Partners, http://www.polarispartners.com, +1 781-522-6732, [email protected]
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