Contego Medical has completed a USD5.6 million Series B financing round led by Hatteras Venture Partners, an early stage venture firm with a focus on medical devices, biopharmaceuticals, diagnostics and related opportunities in human medicine.
The round also included Mountain Group Partners, Lookout Capital and Medical Mutual.
"Contego Medical's portfolio of angioplasty balloons and stents embodying the Integrated Embolic Protection filter platform represents a breakthrough technology, which we believe will help endovascular interventionalists reduce the risk of stroke and other procedural complications," says Doug Reed MD, General Partner of Hatteras Venture Partners. Doug Reed will be joining Contego Medical as a board member.
The company will use the funds to continue to grow its leadership, sales and engineering teams and to develop several new and innovative products with its next-generation Integrated Embolic Protection platform.
"The Paladin device and other devices under development address a multi-billion dollar market, and have the potential to become standards of care in their respective target treatment areas as the combination devices are designed to simplify procedures, improve outcomes and offer cost-effective solutions. We are excited to partner with Hatteras Venture Partners as we continue to expand and commercialise our portfolio of products," says Ravish Sachar MD, Founder and CEO of Contego Medical.
Contego Medical has expanded its executive team with the appointment of Paul Sanders as Chief Operating Officer, Udayan Patel as Chief Technology Officer, and Alan Bacharach as Contego Medical's European General Manager. Elizabeth Saylors will continue as VP of Quality and Clinical Affairs. The team's track record of success brings experienced management and leadership to Contego Medical's expanding commercialization efforts throughout Europe and globally.
