Ablative Solutions (Kalamazoo, MI) announces major investment in support of their innovative device technology intended for the treatment of hypertension.
MURRIETA, Calif. - Jan. 3, 2019 - PRLog -- REV.1 Engineering is pleased to announce one of their long-standing, medical device development clients, Ablative Solutions (ASI), closed on $77 million in Series D equity financing today.
"We're very excited for this significant achievement for our friends at Ablative Solutions," said Eric Johnson, CEO of REV.1 Engineering. "It's also a reflection of the exceptional work and professionalism of our Development and Innovation team here at REV.1. We've been ASI's outsourced engineering and development partner from the very beginning. It's yet another exceptional example of our successful track record of providing turnkey medical device development services for our clients, from initial concept through commercialization."
ASI contracted REV.1 to develop their Peregrine System™, a drug/device combination product designed to chemically ablate targeted nerve bundles surrounding the renal artery. The nerve bundles are part of the sympathetic nervous system that helps regulate blood pressure. To date, REV.1's contributions and responsibilities include product development, test method development, verification/validation testing, regulatory/documentation creation and support, clinical study support, optimizing the design for profit able manufacturability and product Life Cycle Management.
Quoting ASI's media release, "Ablative Solutions' Peregrine System is an infusion catheter that delivers diagnostic and therapeutic agents to the perivascular space surrounding blood vessels. The 510(k)-cleared device includes three microneedles that remain within radiopaque guide tubes prior to drug delivery. After the device is positioned, the microneedles are deployed simultaneously, according to Ablative."
"Speed of development and speed to market are more important than ever in the medical device field," added Eric. "Once again we've clearly demonstrated our approach delivers results at least two times faster than internal development initiatives."
REV.1 specializes in the development of complex, interventional technologies, including combination products that incorporate a medical device for the precision delivery of targeted therapies deep within the body. The company's successful track record extends to developing devices for interventional cardiology, structural heart and neuromodulation. Over the past ten years, REV.1 Engineering's startup clients have achieved more than $1 billion in valuation growth at exit.