Canada-based innovative medical device company, ABK Biomedical, raised USD 30 million in recent financing. The oversubscribed Series C round took place on December 6, 2022. Santé Ventures, along with a significant, undisclosed MedTech strategic investor, co-led the financing for the firm. Meanwhile, existing investor F- Prime Capital and Eight Roads Ventures participated in the round.
Purpose of financing for ABK Biomedical
With the latest capital injection, the company seeks approval of FDA IDE. It wants to execute their Eye90 microspheres® Route90 US pivotal trial. Besides, ABK Biomedical has plans to continue its clinical development programs.
It also aims to deploy funds to clinically assess and further develop the Company’s Easi-Vue™ embolic microspheres technology. The said technology recently received FDA 510(k) clearance.
What the company’s official has to say
Mike Mangano, President and CEO of ABK Biomedical, said, “We have made tremendous progress at ABK over the past three years. We have strengthened our manufacturing and supply chain by building two GMP facilities that produce our microspheres and delivery devices and process our irradiated microspheres into our final Eye90 microspheres unit doses. We have recruited an expert cross-functional team, a transferred products from R&D to manufacturing, and implemented rigorous clinical and regulatory competencies. These efforts have led to FDA 510(k) clearance for our Easi-Vue embolic microspheres and the treatment of patients in our Eye90 microspheres First-in-Man Clinical Study. We are excited to continue our clinical work with the vision of providing these enabling technologies to physicians and patients.”
What the investors have to add
Ketan Patel, M.D., partner at F-Prime Capital, said, “We continue to be impressed with the ABK Biomedical team and the accomplishments achieved since our last round of funding. The validated Eye90 microspheres design and early clinical data suggest a positive patient impact within the rapidly growing radioembolization target market. This adds to our confidence in our continued investment and partnership with ABK.”
James Eadie, M.D., Managing Director with Santé Ventures, said, “We are excited to partner with the ABK team in the expanding field of Interventional Oncology, and particularly radioembolization. ABK’s unique technology is supported by a highly experienced cross-functional team that is well-equipped to deliver this advanced therapy to physicians in order to improve outcomes for liver cancer patients globally.”
About the company
In 2012, Founders Bob Abraham, Daniel Boyd, and Sharon Kehoe launched the company. It focuses on researching, developing, and commercializing medical device therapies to improve treatment outcomes. ABK Biomedical aims to improve the lives of patients with benign and malignant hypervascular tumours.
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