Company Appoints Seasoned Medtech Executive as President and CEO
CAMPBELL, Calif., March 5, 2020 – Supira Medical, formed by Shifamed as part of its medical innovation hub, announced today the closing of $35M in Series B financing. Officially closed on February 25, the financing was led by Cormorant Asset Management with participation from The Capital Partnership (TCP), 415 CAPITAL, AMED Ventures and Shifamed Angels. The funds will be used to advance product development and clinical efforts for the company’s next generation percutaneous ventricular assist device (pVAD). Additionally, the company announced the appointment of seasoned medical device executive, Dr. Nitin Salunke, as President and Chief Executive Officer.
“Supira’s innovative approach could potentially provide a meaningful clinical solution for patients requiring temporary mechanical support during coronary interventions,” stated Bihua Chen, Founder and Managing Member of Cormorant Asset Management. “Despite advances in PCI, a large unmet need exists for high-risk patients and we are excited to lead and further invest in Supira Medical.”
Percutaneous ventricular assist devices (pVADs) are used during stent placement or angioplasty to provide temporary mechanical support for patients with severe coronary artery disease or comorbidities. Additionally, pVADs are used to treat patients suffering from cardiogenic shock (CS), a condition that can occur following a severe heart attack, and is associated with a high rate of morbidity as a patient’s heart is suddenly too weak to adequately pump blood to vital organs.
“Temporary mechanical support provides many patients with the option to undergo coronary interventions that their heart would otherwise not be healthy enough to endure,” stated Nitin Salunke. “I am pleased to join the Supira team as we advance pVAD technology with a low-profile, high-flow solution that aims to improve outcomes for these high-risk patients.”