Silicon Valley-based Amaranth Medical has raised $20m in series B financing led by DCP Management.
The Nanyang Technological University (NTU) spin-out is commercialising a bioresorbable scaffold used for treating coronary artery disease, called Fortitude. The latest round of funding will go to support development of the scaffold and an upcoming clinical trial.
Existing backers Bio*One Capital, Charter Life Sciences and Phillip Capital all joined the round, as well as Venstar Capital, a new investor.
Fred Schwarzer, chairman of the Amaranth board of directors, said: “Among the recent advances in interventional cardiology, we believe that the development bioresorbable scaffolds is one of the most significant. In our view, Amaranth Medical’s Fortitude scaffold has significant inherent advantages over other bioresorbable scaffolds in development, and the entire investor group is committed to supporting Kamal and the Amaranth team in the development of this important technology to improve the lives of patients worldwide.”
