AVS, the Boston-based medical device company, has recently announced the closing of an additional $8.8M in Series B funding. This latest round of funding brings the total amount raised to $28.8M, and was led by BioStar Capital with CUE Growth Partners also participating.
The funds raised will be used to support clinical trials for the device for pulsatile intravascular lithotripsy (PIVL) in peripheral cases, while advancing preclinical work for an expanded indication in coronary cases.
AVS was founded in 2018 by Hitinder Gurm and Robert Chisena, and is an early-stage medical device company that is focused on safely and effectively treating severely calcified arterial disease. Their Pulse IVL System works as an interventional therapy for severely calcified lesions, using a novel pulsatile mechanism of action to shatter calcium and expand narrowed vessels, all with a single device.
“We are excited to have the support of such experienced investors as we advance our mission to improve the treatment of patients with severely calcified peripheral and coronary arterial disease,” said Hitinder Gurm, Co-Founder and CEO of AVS.
“We believe the Pulse IVL System has the potential to become the new standard of care for treating calcified lesions across a broad range of vascular beds,” he added.
AVS has been gaining momentum since its inception, having received FDA clearance for its Pulse IVL System in 2019, and the completion of its first-in-human clinical trial in 2020. AVS has also recently announced a partnership with AngioDynamics, a leading provider of innovative, minimally invasive medical devices.
“BioStar Capital is thrilled to partner with AVS as they continue to execute on their mission to bring innovation to the treatment of calcified arterial disease,” said Dr. Yigal Erlich, Managing Director of BioStar Capital.
“With the unique benefits of PIVL, we believe AVS is well-positioned to become a leader in the treatment of calcified disease across multiple vascular beds,” he added.
AVS is on a path to revolutionize the way arterial disease is treated, and with the support of their investors, they will be able to continue advancing their clinical trials and expand their indications to help more patients in need.