US-based medical technology company Imperative Care has announced an initial close of an oversubscribed Series E financing round, led by healthcare investment firm Ally Bridge Group.
Other participants include existing investors, D1 Capital Partners, AMED Ventures, Bain Capital Life Sciences, Rock Springs Capital Management, Innovatus Capital Partners, and Pura Vida Investments.
Also, the new investors, Catalio Capital Management, LP, HealthCor Family Office, Montreux Growth Partners, and INTAI Technology, participated in the financing round.
Upon initial closing, the company has the choice to conduct additional closings for this Series E financing, potentially raising a total of $150m.
The medical technology company intends to use the financing to support its hypergrowth strategy, to make better care accessible to more patients.
In addition, the company will continue to invest in novel technologies and clinical evidence to measure the impact of these technologies on patient outcomes.
Imperative Care chairman and CEO Fred Khosravi said: “We are grateful for the continued support of our existing investors and welcome our new investors who share our vision for leadership in stroke and vascular thrombectomy.”
Ally Bridge founder and CEO Frank Yu said: “As investors in Imperative Care since the company’s Series C financing in December 2019, we have been impressed with the dramatic progress the company has made on many fronts, including treating more than 45,000 patients with life-saving technologies.
“We are excited to support the next stage of Imperative Care’s success, as the company strengthens its position for treating ischemic stroke and prepares to make a major contribution to the treatment of peripheral vascular disease.”
As part of the transaction, Imperative Care will appoint its Board of Directors member Shacey Petrovic to the newly created role of vice chair of its Board of Directors.
Petrovic will focus on strategies to scale the company, to bring life-changing technologies to more patients suffering from stroke and other severe vascular diseases.
In addition to Imperative Care, Petrovic serves on the boards of Exact Sciences, Ambu, and Axena Health, and she served as president and CEO of Insulet.
Petrovic said: “I am excited to step into this new leadership role as Imperative Care accelerates its work to deliver impactful innovations to patients at the most tenuous moments of their lives.
“My experience serving on the Imperative Care Board has been quite inspirational as the company engineers solutions to some of the greatest challenges in medicine through medtech and digital health innovations.”
Earlier this month, Imperative Care received the US Food and Drug Administration (FDA) 510(k) approval for its Zoom 6F Insert Catheters to enhance stroke care.
