April 20, 2015 — Contego Medical announced the completion of a $5.6 million Series B financing round for the development of transcatheter angioplasty devices that integrate filter-based embolic protection. The funding was led by Hatteras Venture Partners. Hatteras is an early stage venture firm with a focus on medical devices, biopharmaceuticals, diagnostics and related opportunities in human medicine. The round also included Mountain Group Partners, Lookout Capital and Medical Mutual.
Based in Raleigh, North Carolina, Contego Medical is developing a portfolio of novel medical devices in the cardiovascular and peripheral vascular space. The company’s portfolio of devices integrates filter-based embolic protection with treatment on the same platform, known as the Integrated Embolic Protection filter platform for angioplasty balloon and stent delivery catheters.
"Contego Medical's portfolio of angioplasty balloons and stents embodying the Integrated Embolic Protection filter platform represents a breakthrough technology, which we believe will help endovascular interventionalists reduce the risk of stroke and other procedural complications," said Doug Reed M.D., general partner of Hatteras Venture Partners. Reed will be joining Contego Medical as a board member.
The company will use the funds to continue to grow its leadership, sales and engineering teams and to develop several new and innovative products with the next-generation Integrated Embolic Protection platform.
Contego Medical has expanded its executive team with the appointment of Paul Sanders as chief operating officer, Udayan Patel as chief technology officer and Alan Bacharach as Contego Medical's European general manager. Elizabeth Saylors will continue as vice president of quality and clinical affairs.
For more information: www.contegomedical.com