June 29, 2009
Investors, Soffinova Partners and Scottish Equity Partners Invest Over $22 Million in Series B Funding for Stentys
Based in Paris, France, a pioneer in medical devices pertaining to cardiac stents, Stentys has closed over $22 million in series B funding with Soffinova Partners and Scottish Equity Partners, or SEP leading the funding. During this round of funding, Stentys also acquired a new investor, CrÃ©dit Agricole Private Equity.
Founded in 2006, Stentys is a medical device company that is devoted to develop the next generation of stents to treat acute myocardial infarction and coronary artery bifurcations. Stentys has its headquarters in Paris, but it also has a presence in the United States, with offices in Princeton, New Jersey.
It is reported that acute myocardial infarction is treated with the insertion of a stent about 50% of the time throughout the world and it is a market worth over $5 billion. However, the type of stent that is commonly used in todayâ€™s surgeries is usually inserted with a catheter and then expanded with a balloon within the catheter. The problem with this type of stent, however, is not very effective and does not guarantee that it can successfully expand the arterial wall. Furthermore, clotting can also occur in between the arterial wall and the stent. The unique thing about the stents that Stentys is developing is a self expanding stent, which is constantly fixed to the arterial wall and will expand while being affixed to the surface of the arterial wall.
According to the CEO of Stentys, Gonzague Issenmann, Stentys has just finished a clinical trial involving 40 patients that clearly demonstrates the safety and efficacy of the Stentys stent. Furthermore, proceeds from this series B funding round will go to continue the clinical trials of this revolutionary new self expanding stent and will also allow Stentys to receive the European CE marking and will then be able to begin marketing the stent within the European Union.
SEP is one of Europeâ€™s largest vc firms and is based in Scotland. The partners at SEP primarily invest in entrepreneurial and innovative companies that have the potential to revolutionize the markets with a product or service that can drive change. Primarily, SEPâ€™s investments can range from Â£1 million ($1,663,671.42) to Â£10,000,000 ($16,635,228.11), and SEP mainly invests in the healthcare, IT, and energy technology industries. Other companies in SEPâ€™s portfolio include Heartscape, Voxar, Biovex, Adgen, and others.
For more information about Stentys, click here.