Crux Successfully Completes Funding for Advanced Filter for PE Prevention
Menlo Park, CA -- Crux Biomedical Inc., a developer of an advanced implantable vena cava filter (VCF), announced the successful completion of a $12.0MM investment round. The round was led by Three Arch Partners, which was joined by current investors, Alloy Ventures and Emergent Medical Partners.
Vena cava filters, which were first introduced in the late 60’s, are designed to trap blood clots that can lead to a potentially fatal pulmonary embolism, (PE). During the last 10 years, VCF’s have been designed to be placed on a permanent basis or retrieved at a later date. The Crux vena cava filter has been designed to address the complications seen with current VCF’s. “The Crux device represents the first significant design innovation since vena cava filters were introduced. Its design represents a radical departure from the traditional conical design and for the first time combines ease of placement with enhanced retrievability”, stated Bill Harrington, M.D. and partner at Three Arch Partners.
Crux Biomedical initiated its pivotal Retrieve 2 U.S. clinical trial at 18 centers of excellence in the second half of 2010. The Company is simultaneously conducting clinical evaluations in both Europe and Australia/New Zealand and expects to complete patient enrollment shortly. “We are very pleased with the interim success of our ongoing clinicals in both the U.S. and abroad,” states Crux CEO, Mel Schatz. He continued, “ It has been rewarding to see the physician enthusiasm for our filter and their belief it will prove to be an advance in the management of patients at risk for a PE.” Crux anticipates commercial availability in the first half of 2012.
Recent reports have cited safety concern with currently available VCF’s related to both the incidence of filter fracturing and associated challenges of retrieving the filters. The Crux VCF has been designed to minimize these problems. “We are very excited to be part of the clinical development of a novel VCF that offers a potential safety advantage over current technologies, with the flexibility of bidirectional placement and retrieval, “stated Doug Kelly, M.D. and partner at Alloy Ventures.
There are an estimated 200,000 deaths attributed to PE in the United States alone each year. The American Public Health Association and the CDC have pointed out that deaths attributed to PE exceed the combined deaths per annum due to breast cancer, AIDS and highway fatalities. Experts cite the increase in PE incidence to more complex surgeries, trauma, expanded use of chemotherapeutics and an aging population.
Crux is a privately held medical device company, founded in 2004 by Tom Fogarty, M.D. and specializes in minimally invasive vascular devices. The Company is headquartered in Menlo Park, California.