By E. Janene Geiss
Philadelphia, Sept. 27 - Amaranth Medical, Inc. said it raised $7.5 million in a series A financing.
Bio*One Capital of Singapore and Charter Life Sciences of Palo Alto, Calif., were the investors.
The proceeds will be used to advance the company's bio-absorbable stents into human clinic trials.
Amaranth has developed a bio-absorbable urinary stent that will soon enter clinic trials. And the company's bio-absorbable vascular stents are expected to enter clinical trials in 2007, initially for the treatment of peripheral vascular disease.
Current treatment techniques, including metal stents, are only partially effective, and severe peripheral vascular disease, if not effectively treated, can result in limb amputation.
Amaranth said its polymeric stents are expected to be much more durable than metal stents. Amaranth's stents also have the advantage of being bio-absorbable, so that stent treatment of the peripheral vascular disease affected vessel can be repeated if the vasculature closes again after time (restenosis), while re-treatment of the same portion of the vasculature is extremely difficult or impossible after treatment with a metal stent.
The company was formed in Singapore by Bio*One Capital Pte. Ltd. in 2005. The company's research facilities are in Singapore, while the headquarters of the company are located in the offices of Charter Life Sciences in Palo Alto, Calif.
| Issuer: | Amaranth Medical, Inc.
|
| Issue: | Series A financing
|
| Amount: | $7.5 million
|
| Investors: | Bio*One Capital, Charter Life Sciences
|
| Closing date: | Sept. 26
|
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