Kaleidoscope Medical LLC, a medical device company developing innovative solutions for treating venous thromboembolic disease (VTE), announced today that it has closed its Series A financing. Proceeds will be used to advance the company’s revolutionary inferior vena caval (IVC) filter through regulatory clearance. Kaleidoscope Medical is developing this new technology to respond to an unmet need in treating VTE, which is a disease that involves both deep vein thrombosis and pulmonary embolism. Kaleidoscope Medical is part of the Pavilion Holdings Group, a medical device company developing innovative medical device platforms.
While the use of IVC filters has increased twenty-fold over the last decade to reach 225,000 implants in the U.S. alone, filter design and technology have remained stagnant. The two types of filters available today, permanent and removable, are frequently associated with long-term complications. Kaleidoscope is developing a revolutionary vena caval filter that can remain in its filtering configuration permanently, be completely removed within an appropriate time-frame, or converted into a completely open, non-filtering configuration to re-establish normal blood flow if removal is deemed unsafe by doctors. Kaleidoscope will be unique in its ability to deliver all three options and may reduce the frequency of filter thrombosis (clotting) associated with prolonged filtering that can result in limb loss or death.
Dr. Chris Kwolek, Training Program Director in Vascular and Endovascular Surgery, Massachusetts General Hospital, said, “Kaleidoscope Medical’s IVC filter is a potentially game-changing technology, I look forward to being able to offer it to my patients.”
“We are excited to advance our innovative IVC filter and believe that it has the potential to improve the treatment of deep vein thrombosis and pulmonary embolisms. Developed by physicians, we believe that this will be a valuable tool enabling doctors to save lives as well as reduce healthcare costs by preventing complications,” said Brian deGuzman, MD and CEO of Kaleidoscope Medical. “Kaleidoscope Medical’s IVC filter gives doctors and patients the best of all worlds: it is a single filter that can be permanent, removable or reversible and its simple, elegant design should allow us to effectively treat patients with VTE, while reducing the devastating consequences of filter thrombosis.”
“Kaleidoscope Medical is the fourth company that Pavilion Holdings Group has spun out since our inception in 2008 underscoring the value of our strategy to develop real-world solutions inspired by physician experience,” said Michael Glennon, President and CEO of Pavilion Holdings Group. “Kaleidoscope Medical is a great example of the Pavilion model in practice: we add measureable value to physician concepts and bring them to the commercialization stage in our unique model preserving founder and investor equity.”
Financial details were not disclosed.
About Venous Thromboembolic Disease
Venous Thromboembolism (VTE) is the third most common cardiovascular illness after acute coronary syndrome and stroke. VTE includes both deep vein thrombosis (DVT) and pulmonary embolism(PE). There are approximately 1 million cases in the U.S. each year, many of which represent recurrent disease. Nearly two thirds of all VTE events result from hospitalization, and approximately 300,000 of these patients die. Pulmonary embolism is the third most common cause of hospital-related death and the most common preventable cause of hospital-related death.
About Kaleidoscope Medical, LLC
Kaleidoscope Medical, LLC. is developing and commercializing products that utilize revolutionary technology and manufacturing techniques to improve blood clot filtering while eliminating the common and significant complications associated with current generation vascular filters. The Company was incubated within and spun out of Pavilion Medical Innovations, LLC, a subsidiary of Pavilion Holdings Group, LLC. (Norwell MA).
About Pavilion Holdings Group (PHG) LLC
Pavilion Holdings Group was founded by cardiac surgeons Lishan Aklog MD and Brian deGuzman MD and medical device executive Michael Glennon to build a portfolio of medical device companies which provide commercially successful, innovative tools to alleviate human suffering. PHG portfolio companies are built and operate with a focus on rapidly bringing cutting edge products into large markets. Its unique virtual business model, with outsourced best-in-class process expertise, maximizes operational and capital efficiency, preserving founder and investor equity and facilitating strategic partnerships or acquisitions. PHG’s first company, Vortex Medical, Inc, progressed from a modest initial capitalization round, through successful commercialization to acquisition by Angiodynamics, Inc. in less than five years, providing its early investors with an attractive return. PHG remains active through spin-offs of its incubator Pavilion Medical Innovations LLC, Saphena Medical, Inc and several other new technologies.
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Source: Yahoo Finance