Florida-based medical device company Concept Medical Inc. (CMI), which also has operations in India, has raised $60 million from the family office of Indian-American cardiologist and entrepreneur Dr. Kiran Patel and Pallavi Patel.
A portion of the funds will be used to bolster manufacturing operations in existing and new markets to meet the increasing demand for their products globally, the company said in a statement on Tuesday.
CMI has a manufacturing subsidiary in India, Envision Scientific Pvt. Ltd. (ESPL), where all their products are made. Its global distribution and marketing network operates from offices in India, Singapore, Netherlands and Brazil. ESPL also has an India-focused, marketing and distribution business.
The funds will also be used to support the company’s Investigational Device Exemption (IDE) for the world’s first sirolimus-coated balloon, which is a replacement of the stent. If a stent cannot be placed in human body or doesn’t give a positive outcome, a sirolimus balloon is used instead. An IDE allows the investigational device to be used in a clinical study to collect safety and effectiveness data.
“Cardiovascular diseases are the number one cause of death globally, representing 31% of all global death and it is increasing due to changes in lifestyle and increase in hypertension amongst the young and old. This venture enables me to contribute to the millions of hearts beating around the world,” Patel said.
Besides, the funds will also be utilized to augment clinical data and clinical registries to qualify for reimbursement in the European markets, where the company has commercially launched the product, it said. Its product, MagicTouch-DEB, is commercially sold in many European countries including the UK and other countries like South Africa, Mexico, Malaysia, Indonesia, Singapore, MENA region.
CMI and ESPL, established about 10 years ago, claim to have 96 patents granted (another 40 under process) around the world in major markets like USA, China, Japan, Europe, India, Australia and others.