Boston, USA-based early-stage medical device company AVS raised USD 20 million in Series B financing. The round took place on January 5, 2023. BioStar Capital led the financing for the firm.
Purpose of funding for AVS
With the latest financing from the Series B round, AVS intends to accelerate clinical trial timelines for its device for peripheral application in pulsatile intravascular lithotripsy (PIVL) cases.
It seeks to advance the development and preclinical work on a PIVL device for coronary cases. The company’s Series A funding was also led by BioStar.
What the company’s officials have to say
Mark Toland, Managing Director for BioStar Capital and Executive Chairman/CEO of AVS, said, “AVS is one step closer to offering a new treatment solution for patients with severely calcified peripheral arterial disease and progressing toward preclinical studies for coronary cases. Patients in this disease state too often face the prospect of limb amputation due to a lack of treatment options. We see a significant opportunity to address that need and advance the intravascular lithotripsy space through minimally invasive technology in both peripheral and coronary therapy.”
In addition, Jon George, MD, MBA, an interventional cardiologist at the University of Pennsylvania Health System and medical advisor to AVS, commented, “Our early trial results showed that we could successfully treat patients with multiple lesions using a single device. We saw patients report a reduction in leg pain, an increase in blood flow to the leg, and an improvement in their ability to walk in our initial study. This is a patient population that needs easier access to advanced therapies. This platform has the potential to provide that access.”
What the investor has to add
Louis Cannon, MD Founder and Senior Managing Partner of BioStar Capital, further added, “We are proud to support AVS in both its successful Series A and Series B funding rounds. The preclinical results of the PULSE IVL System have shown the potential to raise the standard of care and significantly impact the well-being of patients with calcified arterial disease. We are excited to partner with AVS as it looks to future clinical trials and development.”
About the company
Hitinder Gurm and Robert Chisena launched the company in 2018. AVS is an early-stage medical device company focused on safely and effectively treating severely calcified arterial disease. Previously in September 2022, AVS announced enrollment, successful treatment, and positive 30-day follow-up data of the first patients in its POWER PAD I clinical trial, a first-in-human study. The company redefines interventional therapy for severely calcified lesions with the Pulse IVL System. It leverages a novel pulsatile mechanism of action to shatter calcium and expand narrowed vessels, all with a single device.
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