Vibrato Medical, an innovator in the treatment of peripheral arterial disease (PAD), announced today that it has closed a $4M Series A funding round led by the Horowitz Group, a multi-asset class family investment office based in Newport Beach, CA, and has also received a $1.5M National Institutes of Health (NIH) grant. Together, funding will support the clinical trial of the company's novel, noninvasive, wearable device designed to treat patients with critical limb ischemia (CLI), an advanced stage of PAD, from the convenience of their home.
"Our goal is to become the preferred therapeutic system for patients with reduced tissue perfusion, such as those with PAD and CLI. Our recent funding puts us on the path towards that vision," said Juliana Elstad, CEO at Vibrato. "We're excited for the day when our device allows these patients to take control of their health and lower extremity perfusion to live the lives they deserve."
Over 18 million people in the United States have PAD, a disease that occurs when the peripheral arteries narrow, making it more challenging to carry blood away from the heart to other parts of the body.1 It is estimated that two million people with PAD have blockages so extreme they have advanced to CLI, a chronic condition that can cause extreme pain, sores and wounds that do not heal and can result in the amputation of the affected limb.2 The unmet clinical needs for this population are extremely high.
Among people with CLI:
"CLI is a highly under-treated condition with dire consequences for patients," said Jason Tester, CFO at Horowitz Group. "We are excited to partner with Vibrato Medical on the development of a truly novel technology to treat this terrible condition."
Founded by cardiologist and physician-scientist Babak Nazer MD and entrepreneur Bobak Azamian MD, PhD and based on decades of ultrasound research and the latest technological advancements, Vibrato's technology is the first wearable therapeutic ultrasound device designed to promote vasodilation and vessel growth. Unlike endovascular and surgical revascularization, the device can be applied without a skin incision and its advanced patient compliance monitoring allows for treatment within the convenience of patients' homes.
The company plans to use Series A funding and its $1.5M NIH grant for its pilot clinical study, to design and build its second-generation device, and advance its intellectual property. The therapeutic ultrasound has shown to promote vasodilation and long-term blood vessel growth in weeks and is appropriate for daily treatments.
About Vibrato Medical
Vibrato Medical is a private company located in Irvine, California. The company has developed the first wearable therapeutic ultrasound device for the noninvasive, outpatient treatment of peripheral arterial disease (PAD). It is designed to promote vasodilation, collateral vessel growth and angiogenesis, and restore perfusion. Its leadership team brings deep experience in developing and commercializing medical devices and is supported by an experienced board of directors as well as recognized clinical leaders in the field of PAD. Vibrato Medical's mission is to be the preferred therapeutic system for patients with reduced tissue perfusion.
1The Sage Group. Critical Limb Ischemia. Volume 1 US Epidemiology, 2010. Accessed at http://thesagegroup.us/. October 14, 2016.
2Duff, et al. Vascular Health and Risk Management 2019.
3Duff, et al.
4Duff, et al.
5Mustafa, et al. Critical Limb Ischemia: A Threat to Life and Limb, 2019.
6Mustafa, et al. Determinants of Long-Term Outcomes and Costs in the Management of Critical Limb Ischemia: A Population-Based Cohort Study; 2018.