Fluid Biomed has raised $27 million to move forward with the development of its bioabsorbable stent designed to divert blood away from unstable brain aneurysms.
The Canada-based startup estimates that about 6.7 million people in the U.S. may have a weakened blood vessel in the brain, where the wall has begun to bulge outwards, while more than 30,000 of these aneurysms rupture each year.
Developed by neurosurgeons at the University of Calgary—including Fluid Biomed’s co-founders, CEO John Wong and Chief Technology Officer Alim Mitha—the company’s self-expanding ReSolv implant is designed to be threaded into the blood vessel across the ballooned sac.
The hybrid polymer-metal stent slows the flow of blood, allowing a clot to form within the aneurysm while providing a scaffold for the vessel’s endothelial cells to begin the healing process. As most of the implant slowly dissolves away, Fluid Biomed said its approach offers little interference to future CT and MRI scans, and that patients do not need to take life-long blood thinners after the procedure.
The company’s series A round was co-led by Amplitude Ventures plus an undisclosed strategic partner. They were joined by IAG Capital Partners, LifeArc Ventures, ShangBay Capital and METIS Innovative.
“This additional strategic and financial capital will enable larger clinical trials as well as broaden our product pipeline,” CTO Mitha said in a statement. “Empowered with greater resources, Fluid Biomed is well positioned to create the next generation of stents to heal those afflicted with brain aneurysms around the world.”
In June 2023, the company announced it had launched a first-in-human trial exploring ReSolv’s safety and feasibility over a 30-day period.