Fluid Biomed Raises $27M for ReSolv Bioabsorbable Neurovascular Stent

Fluid Biomed, a clinical-stage company developing products to treat vascular disease, closed an oversubscribed $27 million Series A equity financing round.

The round was co-led by  Amplitude Ventures and an undisclosed major strategic partner. New participants in the investment syndicate include IAG Capital Partners and LifeArc Ventures, as well as returning investors, ShangBay Capital and METIS Innovative.

Fluid Biomed’s ReSolv stent features unique, bioabsorbable, polymer-based stent technology that the company said was validated by years of scientific research. Functional benefits were demonstratred in a fist-in-human clinical study to treat brain aneurysms. The company plans to use the proceeds from this round to further validate the ReSolv stent and its proprietary delivery system in expanded patient studies.

The ReSolv stent was developed by John Wong, MD, co-founder and CEO of Fluid Biomed, and Alim Mitha, MD, co-founder, president, and chief technology officer. Both are leading academic neurosurgeons at the University of Calgary.

“Our exclusive technology has attracted the attention of international investors of the highest caliber with the depth and breadth of expertise to accelerate company evolution and make its medical devices available sooner to physicians and patients,” said Dr. Wong.

Dr. Mitha added, “This additional strategic and financial capital will enable larger clinical trials as well as broaden our product pipeline. Empowered with greater resources, Fluid Biomed is well positioned to create the next generation of stents to heal those afflicted with brain aneurysms around the world.”