Shape Memory Medical raises $10M to advance aortic trials
What's the deal? Shape Memory Medical, a San Jose-based developer of shape memory polymer technology for endovascular embolization, has closed a $10 million convertible note financing. Singapore-based August Global PartnersDealroom has a profile for this one. Try Dealroom → led the round, joined by fellow new investor Taiwania CapitalDealroom has a profile for this one. Try Dealroom →.
What's the endgame? The capital funds continued clinical development of the company's aortic portfolio. That includes patient follow-up in its AAA-SHAPE Pivotal Trial and advancing the FLAGSHIP feasibility study.
The company's platform uses a porous, bioresorbable embolic material delivered through a catheter in compressed form that self-expands on contact with blood. It is designed to promote organized clotting and adapt to complex vascular anatomy.
Why now? Enrollment recently completed in the AAA-SHAPE Pivotal Trial, which tests the IMPEDE-FX RapidFill Device alongside endovascular aneurysm repair and will follow patients for five years. FLAGSHIP, a first-in-human study of the company's False Lumen Embolization System for aortic dissection, continues to advance.
"This financing strengthens our position as we enter a potentially transformative period for the company," said Ted Ruppel, president and chief executive officer. He added the company is "focused on generating the clinical evidence needed to support the broader adoption" of its technology.
August Global Partners framed the bet around unmet need. "For decades, clinicians treating aortic aneurysms and dissections have relied on materials repurposed from other procedures, never engineered for the job," said Davian Sim, a partner at the firm. He said the two trials put the company "at an inflection point."
Shape Memory Medical is backed by a syndicate including HBM Healthcare InvestmentsDealroom has a profile for this one. Try Dealroom →, Earlybird Venture Capital, and WexMed IIDealroom has a profile for this one. Try Dealroom →. Taiwania Capital, founded in 2017 by Taiwan's National Development FundDealroom has a profile for this one. Try Dealroom →, brings support for expansion in Asia-Pacific.
The signal: At $10 million, the round sits in the top 10% of all-time convertible financings among US health companies, based on a sample of 796 deals. That scale signals investor conviction as the company moves from enrollment toward clinical data that will define its aortic platform.
Image credit: Shape Memory Medical
