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NeuroVasc's current core product is a next-generation mechanical thrombectomy system designed to improve physicians' clot retrieval capabilities in tortuous anatomy
FREMONT, CA: NeuroVasc Technologies entered into a strategic partnership with the Wego Group that includes $34 million in funding to support the company's product portfolio development and global clinical trial program.
The funding has been applied initially towards supporting clinical trials for the company's novel stent-retriever, designed to treat patients suffering an acute ischemic stroke in all major markets, including Japan, the EU, the U.S., and China.
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"Our growth is rapidly accelerating as a result of this partnership," says Jim Ma, CEO of NeuroVasc. "We remain focused on delivering innovative technology that enables reproducible results, thereby helping physicians provide better outcomes for their patients."
With a focus on novel catheter-based technologies to treat neurovascular disease, the Irvine, California- based company has developed a comprehensive portfolio development strategy to bring differentiated tools to the INR community. It facilitates broader treatment options for patients suffering from stroke and other neurovascular diseases.
The strategic partnership marks a significant step forward for NeuroVasc Technologies in bringing a full neurovascular platform to market. The company's portfolio of devices focuses on helping neuro-interventional physicians more efficiently and effectively treat neurovascular disease. This treatment focus includes over 25.7 million cases of stroke globally each year. By 2025, the worldwide neurovascular device market for stroke alone is expected to grow from $2.5 billion to $3.4 billion. NeuroVasc-with its innovative stroke solutions and product pipeline is positioning itself to be a leader in this space.
"This is an exciting time to be partnering with a company dedicated to improving stroke and neurovascular therapies," said XueFeng Wu, CFO from Wego Group. "NeuroVasc and Wego have partnered to execute a comprehensive development strategy, including the commencement of several pivotal clinical trials around the world in 2020. This series of efforts we feel will bring huge social and commercial value."
"We are committed to expanding our product portfolio and developing robust clinical evidence for them to underpin our rapidly expanding commercial activity," Ma further commented.
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