Singapore's DCP leads $20m Series B for Amaranth Medical
DCP Management has led the $20 million Series B round of funding for Amaranth Medical, a medical device manufacturer. Existing investors Bio*One Capital, Charter Life Sciences and Phillip Capital, as well as new entrant Venstar Capital, also participated.
Amaranth is headquartered in California, and its research and manufacturing operations are located in Singapore and at its Silicon Valley headquarters. The company was spun-off from Singapore's Nanyang Technological University, where two professors attracted $7.5 million in funding in 2006.
Proceeds from the round will support the continued development and the upcoming clinical trial of Fortitude, a bio-absorbable scaffold for use in treating coronary artery disease.
The device is designed to support metal stents that assist the artery during the remodeling process following surgery, without leaving behind a permanent implant. It may reduce complications such as vascular inflammation, restenosis and stent thrombosis.
"In our view, Amaranth Medical's Fortitude scaffold has significant inherent advantages over other bioresorbable scaffolds in development," Fred M. Schwarzer, managing partner of Charter Life Sciences and chairman of the Amaranth board, said in a statement.
Enrollment in the initial clinical study of Fortitude was recently completed, and preliminary results are expected to be presented later this month.
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