Mercator MedSystems, Inc., today announced it has received $11 million in Series D equity financing led by Shenzhen Salubris Pharmaceuticals Co. (Salubris), with participation from current Mercator investors and other undisclosed new investors. The new funding will further advance the clinical development of Mercator’s proprietary micro-infusion catheter systems and accelerate the company’s vision of improving outcomes in patients around the world with cardiovascular and pulmonary disease.
“We are excited to announce that such a prominent Chinese pharmaceutical company is partnering with Mercator for the Bullfrog® Micro-Infusion Device’s entry into the fastest growing medical market in the world,” said Trent Reutiman, chief executive officer of Mercator. “Salubris has recently been investing in a robust and cutting-edge cardiovascular medical device portfolio in China. Their lead in the current round of financing is a strong vote of confidence in the potential of the Bullfrog Device to treat patients with peripheral arterial disease (PAD) and critical limb ischemia.”
Pursuant to the terms of the investment, Salubris secured the exclusive rights to clinically and commercially develop and manufacture the Bullfrog Device in the People’s Republic of China (PRC).
Salubris will seek to replicate Mercator’s demonstrated success in PAD studies in the PRC and will explore novel applications of drug and biologic delivery in cardiac disease enabled by the precise tissue targeting with the Bullfrog Device. Mercator is eligible to receive developmental and sales-based milestone payments, and tiered royalties on sales.
Kevin Ye, chief executive officer of Salubris, noted “we are committed to the development of interventional cardiovascular procedures utilizing the Bullfrog Device and its long-term potential to deliver a combination of therapeutics within and across molecule classes and for a variety of diseases. The immediate opportunity of delivering an agent in below-the-knee vascular disease represents an exciting and large market in the PRC.”
About the Bullfrog® Micro-Infusion Device
The Bullfrog Micro-Infusion Device is FDA cleared and CE marked. The device includes a balloon that hydraulically deploys a micro-needle through the vessel wall, where the needle can then efficiently infuse drugs or biologics around an artery or vein. Drug delivery through the Bullfrog is tracked with X-ray contrast agents, allowing precision therapy to local tissues with visual feedback to the physician using the device. The Bullfrog is thereby the most direct route of administration to change a vessel’s response to mechanical intervention and to promote a better healing process after these procedures.