Vivasure Raises Funds to Advance Development and Approval of PerQseal Vessel Closure Device Portfolio

May 17, 2022—Vivasure Medical, an Ireland-based company focused on fully absorbable technology for percutaneous vessel closure, announced the closing of the first tranche of €22 million ($23 million) as part of its Series D financing round that could reach up to €52 million ($54 million) in total.

The financing, which includes an option to buy the company on certain milestones, was led by an unnamed multinational strategic corporation. Other participants in the Series D financing round include a second unnamed strategic corporate investor, as well as existing investors Fountain Healthcare Partners, Orchestra BioMed, LSP Health Economics Fund managed by the EQT Life Sciences team, Panakès Partners, and Evonik Venture Capital.

According to Vivasure Medical, the financing will support the United States and European clinical development and regulatory approval of the company’s portfolio of fully absorbable, patch-based, large-bore percutaneous vessel closure devices for transcatheter endovascular and cardiovascular procedures, including PerQseal and PerQseal+ for arterial closure and PerQseal Blue for venous closure. PerQseal, PerQseal+, and PerQseal Blue are not available for sale in the United States.

The company stated that its PerQseal technology consists of a bioabsorbable intravascular patch that seals the vessel from the inside, returning the artery or vein to its natural state without leaving behind the remains of any materials such as collagen, metal implants, or sutures commonly used in other closure technologies.

Andrew Glass, Chief Executive Officer of Vivasure Medical, stated in the press release, “As minimally invasive approaches have become the standard of care for cardiovascular procedures, conventional vessel closure techniques have proven to prolong recovery and lead to bleeding complications for patients. This funding represents an important milestone for our company that will help to further advance our portfolio of novel PerQseal sutureless and fully absorbable vessel closure devices in the United States and Europe.”

Mr. Glass continued, “We are encouraged by early clinical progress from leading heart centers participating in studies currently underway for PerQseal+ and PerQseal Blue, and we look forward to initiating a United States pivotal study for PerQseal+ later this year that will support our submission to the FDA.”

Azeem Latib, MD, Section Head and Director of Interventional Cardiology and Director of Structural Heart Interventions at Montefiore Health System in New York, New York, added, “While tremendous progress has been made for minimally invasive structural heart procedures, vascular issues related to the closure of the procedure remain the most common complication of these interventions. The novel PerQseal technology is designed to address these shortcomings and has tremendous potential to improve patient outcomes and enhance procedure efficiency.”