Instylla Announces Completion of Series B Financing
Financing to see Instylla through US Pivotal and other clinical trials
BEDFORD, Mass. -- Instylla, Inc., a privately held company developing minimally invasive liquid embolic products designed for use in peripheral vascular embolotherapy today announced closure of $25.4 million Series B financing. Participants in this latest round of financing included the new investors Excelestar Ventures, Catalyst Health Ventures, and Amed Ventures. Existing investors Ascension Ventures, Sparta Group and Incept also participated. As part of the financing Tasneem Dohadwala and Darshana Zaveri will join the board. These funds are anticipated to see Instylla through several prospective clinical trials, including a pivotal trial in the United States, in preparation for market entry.
Interventional Radiologists typically use microspheres and metal coils to embolize or occlude blood flow in vessels to treat hypervascular tumors or to control hemorrhage. Neither of these technologies effectively stop blood flow by themselves but rely on the formation of blood clot around these devices to stop flow. The Instylla lead product, Hydrogel Embolic System (HES™), is a water-based liquid that when injected into vessels via standard catheters, effectively fills the target vessels and solidifies into a soft, occlusive hydrogel embolic. This results in immediate and persistent flow stasis. The hydrogel embolic is designed to be absorbable. Currently, there are no liquid embolics approved in the United States for use in the peripheral vasculature, and no absorbable liquid embolics commercially available.
Instylla HES comes from a long line of medical devices based on polyethylene glycol hydrogel which are used as neurosurgical and ocular sealants, femoral puncture closure devices, and organ spacers for radiotherapy. “The water-based chemistry of Instylla HES eliminates concerns related to catheter gluing or compatibility issues which can occur with glues and organic solvent based embolics. The HES is designed to achieve rapid, deep and complete embolization, and I look forward to following its clinical development,” said Suvranu “Shoey” Ganguli, M.D., FSIR, Chief, Interventional Radiology, Boston Medical Center and Boston University School of Medicine.
“These funds will allow us to execute the pivotal clinical trial in the US for the embolization of hypervascular tumors for which we recently received approval to proceed from the FDA, along with additional trials in hemorrhage control. We welcome the support of our new investors and look forward to bringing this technology to interventional radiology community,” said Amar Sawhney, CEO Instylla and Managing Director of Incept.
“We at Excelestar, along with our co-investors at Catalyst Health Ventures, are thrilled to partner with the deeply experienced and world-class Instylla team to bring these unique and important medical advances to doctors and patients,” said Tasneem Dohadwala, Founding Partner at Excelestar Ventures.