NeuroVasc Secures $34 Million in Funding

NeuroVasc Technologies Inc. has entered into a strategic partnership with the Wego Group that includes $34 million in funding to support the company’s product portfolio development and global clinical trial program.
 
With a focus on novel catheter-based technologies to treat neurovascular disease, NeuroVasc has developed a portfolio development strategy to bring differentiated tools to the INR community to facilitate broader treatment options for patients suffering stroke and other neurovascular diseases.
 
The strategic partnership marks a major step forward for NeuroVasc Technologies in bringing a full neurovascular platform to market. The company’s portfolio of devices is aimed to help neurointerventional physicians more efficiently and effectively treat neurovascular disease. This treatment focus includes over 25.7 million cases of stroke globally each year. By 2025, the worldwide neurovascular devices market for stroke alone is expected to grow from $2.5 billion to $3.4 billion. NeuroVasc—with its stroke solutions and product pipeline—is positioning itself to be a leader in this space.
 
“I have worked with the team from NeuroVasc Technologies for several years during the development of their stroke technologies, and I am very impressed with the collaborative and thoughtful approach they systematically employ through the design process. This gives me full confidence in the strength of NeuroVasc’s foundation and I am looking forward to their future projects,” said Professor Vitor Mendes-Pereira of the University of Toronto’s Toronto Western Hospital.
 
The $34 million in funding has been applied initially towards supporting clinical trials for the company’s novel stent-retriever, designed to treat patients suffering an acute ischemic stroke, in all major markets including Japan, the European Union, United States, and China.
 
“Our growth is rapidly accelerating as a result of this partnership,” said Jim Ma, CEO of NeuroVasc. “We remain focused on delivering innovative technology that enables reproducible results, thereby helping physicians provide better outcomes for their patients.”
 
“This is an exciting time to be partnering with a company dedicated to improving stroke and neurovascular therapies,” remarked XueFeng Wu, chief financial officer from Wego Group. “NeuroVasc and Wego have partnered to execute a development strategy including the commencement of several pivotal clinical trials around the world in 2020. This series of efforts we feel will bring huge social and commercial value.”
 
“We are committed to expanding our product portfolio and developing robust clinical evidence for them to underpin our rapidly expanding commercial activity,” Ma further commented.