Ablative Solutions, Inc. announced on 1/3/19 the first close of its $77 million Series D funding round. The round was led by new investor Gilde Healthcare and co-led by existing investor BioStar Ventures and an undisclosed new strategic corporate investor. Existing investors including Michigan Accelerator Fund, Novus Biotechnology and other individual investors also participated the Series D funding round.
Funds from the round will be used to complete clinical trials in support of U.S. and European regulatory submissions for the company’s minimally invasive renal denervation technology designed to help reduce blood pressure for people with uncontrolled hypertension, while taking antihypertensive medication.
Ablative Solutions’ alcohol-mediated renal denervation procedure is performed using the investigational Peregrine System™ Kit, which is engineered to target nerves known to influence the body’s regulation of blood pressure. The Peregrine Kit delivers dehydrated alcohol in small doses directly to the space outside of the renal artery to block the overactive signaling of the sympathetic nerves. This targeted treatment is designed to be performed in a rapid, straightforward procedure with minimal pain or discomfort for the patient.
“BioStar Ventures focuses on transformational health care investments, and we believe Ablative Solutions fits that model perfectly. We are enthusiastic about the company’s innovative approach to treating high blood pressure, a serious condition that impacts more than one billion people worldwide,” said Michael Fulton, M.D., senior managing director of BioStar Ventures, an investor in the company since its Series A round in 2012. “Ablative Solutions’ patented technology enables a streamlined procedure that has the potential to become an important adjunctive therapy to improve difficult-to-control blood pressure.”
Drug therapy and lifestyle changes are the most common treatments for hypertension. Medication non-adherence remains a serious and under-appreciated limitation of drug therapy. More than half of those treated do not achieve their target blood pressure, highlighting the need for improved therapeutic options.
The Peregrine System Kit is currently being studied to evaluate safety and efficacy when used in the treatment of patients with uncontrolled hypertension in conjunction with antihypertensive medications. It is also being studied in a proof-of-concept trial in Europe to evaluate the safety and efficacy of the product when used to treat patients not taking antihypertensive medications. It is an investigational product not currently approved in the United States or in Europe. Its use is limited to investigational use in clinical trials.