Svelte Medical Systems Secures Financing, Adds to Board

New Providence, N.J.-based Svelte Medical Systems Inc. has raised $16 million in new capital. This financing was provided exclusively by current investors, lead by CNF Investments, the Gary and Mary West Health Investment Fund and New Science Ventures. Funding will be used to support ongoing operations, expand infrastructure and commercialize the Svelte drug-eluting coronary stent-on-a-wire Integrated Delivery System (IDS) and Rapid-Exchange (RX) platforms in Europe during the second half of 2015.

“This is an exciting time for Svelte,” said President and CEO Jack Darby. “It has been more than 20-years since the last innovation in drug-eluting stent delivery, and we thank our investors for providing us with the support necessary to bring our technology to market. The ability of our technology to facilitate transradial and ‘slender’ interventions, while extracting procedure time and cost, will benefit patients, physicians and payors.”

The Svelte IDS incorporates Asahi wire tip technology and is designed to optimize transradial (through the wrist) interventions (TRI) with a ‘slender’ approach to Percutaneous Coronary Intervention (PCI). The number of TRI procedures is growing rapidly, especially in the United States, where its beneficial impact on patient comfort and overall clinical outcomes is increasingly recognized. With the lowest-crimped stent profile on the market, the Svelte IDS is hoped to allow physicians to downsize catheter sizes used during procedures.

Svelte Medical Systems has also added Richard Dakers of the Gary and Mary West Health Investment Fund to its board of directors. The Gary and Mary West Health Investment Fund first invested in Svelte last year. Dakers is a co-manager of the fund and worked previously at Johnson & Johnson for more than 30-years.

Svelte Medical Systems is focused on highly deliverable balloon expandable stents.