3 Oct '17
Primer Capital, a Russian VC fund, has supported the development of new microcatheters for low-invasive endovascular surgeries on blood vessels. There were a total of five investors in the funding round, anteing up an aggregate $3.55m for the technology, Primer Capital told Marchmont News.
Endovascular surgery is required for diagnostics and/or when drugs (e.g., to deal with thrombi) or therapeutic devices (e.g., an aneurysm coil) have to be delivered into the vessels. Microcatheters are used in an estimated 350,000 surgeries done each year. The procedures are not very safe for patients because of the winding nature of blood vessels.
Bendit Technologies Ltd., the investee in this deal, is reported to have developed an innovative type of super-small and flexible microcatheters that are easy to control even in highly twisted vessels. Using novel materials and high-level R&D is said to give the Bendit catheters a competitive edge when used in small vessels. No major surgical cuts are required in endoscopic surgery, the developers say—a tiny puncture where a catheter will be inserted is enough.
The product is said to be the world’s only flexible and 360 degree rotating microcatheter to be able to reach targets beyond 1.5m in the vessels and shape itself in the process to fit the anatomy of a given vessel. Primer Capital executive director Elizaveta Rozhdestvenskaya was quoted as saying that the Bendit technology “reduces considerably both the time taken to complete the surgery and the overall cost of the procedure.”
The biomed company is expected to use the investment to put together a rollout of the new product in the EU and U.S. markets.
Ms. Rozhdestvenskaya also cited Global Market Insights forecasting that the global market for catheters, this year estimated at $30bn, is likely to more than double by 2024 to $74bn.
Primer Capital is focused on backing projects in the pharmaceutical and biotech sectors.