West Chester-based Medical Device Company Closes $4.3M Series A Preferred Equity Round

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WEST CHESTER, PAVESTECK, Inc. recently announced its initial close on $4.3M of Series A financing, which includes conversion of all existing convertible notes.

The New World Angels (www.newworldangels.com) of S. Florida, led the Series A round with a $1.1 million investment. The New Word Angels were joined by Florida-based DeepWork Capital and Ocean Azul Partners, as well as a number of Philadelphia-based investors, including Ben Franklin Technology Partners of Southeastern Pennsylvania, Robin Hood Ventures and the Delaware Crossing Investor Group. The Series A funds will support the manufacturing of products, pre-clinical testing and completion of in human procedures, prior to our clinical study for FDA clearance.

VESTECK has designed a platform technology comprised of 6 devices that integrate the delivery of nitinol sutures into a catheter, improving clinical outcomes for endovascular aortic aneurysm patients.

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The “Suture-Tight” catheter delivers nitinol sutures more easily than current endovascular or surgical options, securing endovascular aortic repair grafts to the aorta at initial implant or in repair procedures. Dr. David H. Deaton, Chief Medical Officer, says, “the Suture-Tight catheter makes the process faster, easier and safer for surgeons and patients. Suture-Tight will become the standard of care.” Vesteck expects to bring significant incremental revenue to an aortic repair market projected to be $4.5B by 2028.

VESTECK CEO Joe Rafferty stated, “We are truly honored that a consortium of such distinguished early-stage investors led by New World Angels believe in our plan, our team and our technology. We are committed to proving their trust in us was accurate by helping solve this significant unmet need.”

Commenting on the investment, Steve O’Hara, president of New World Angels, said, “We are delighted to support Joe Rafferty and his team at Vesteck as they seek to improve patient outcomes for a number of less invasive surgeries, starting with endovascular aortic repair procedures.”

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VESTECK was represented by Kevin M. Granahan of Fox Rothschild LLP. The New World Angels were represented by Mark R. Mohler of Corridor Legal Partners, LLP.

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