Financing Will Support Development of CeloNova's PzF Nanocoated Devices
August 7, 2017—CeloNova BioSciences, Inc. announced the completion of a 4-year joint financing arrangement with Congruent Investment Partners and SWK Holdings Corporation. The financing will provide growth capital for CeloNova to continue its new product initiatives and focus on patient enrollment in ongoing clinical trials for its devices based on the company's Polyzene-F (PzF) nanocoating technology.
CeloNova's Cobra PzF combines a cobalt-chromium platform design with the company's PzF nanothin polymer.
In early 2017, CeloNova announced US Food and Drug Administration (FDA) approval of the Cobra PzF nanocoated coronary stent to treat patients with symptomatic ischemic heart disease, including those with diabetes mellitus. The device was subsequently launched in the United States. The Cobra PzF stent received CE Mark approval in 2012 and was launched in Europe and the Middle East in 2013.
CeloNova is continuing to study the Cobra PzF device in the COBRA REDUCE trial, which began enrollment in February 2016. The trial will evaluate whether the stent can help reduce bleeding as compared with drug-eluting stents, by shortening the duration of dual antiplatelet therapy to 14 days in patients who are at high-risk for bleeding and require treatment for coronary artery disease.
Congruent Investment Partners manages investment funds with long-term capital that make lower middle market mezzanine and equity investments of $5 million to $40 million across a broad range of industries. SWK Holdings Corporation is a specialized finance company with a focus on the global health care sector.