The medical device startup ReVivo Medical said Monday that it has raised $2 million over the past year. That includes $550,000 announced in January.
This round of funding allows the company to complete 50 surgical procedures as part of a clinical trial for its flagship products.
The company’s two titanium alloy implants, which were developed in the Albany Medical Center Biomedical Acceleration and Commercialization Center, are used together to hold vertebrae in place following spinal surgeries.
The study, necessary for overcoming the next hurdle of FDA market clearance for its products, will take place soon at Albany Medical Center and the Cleveland Clinic.
To date, the startup has raised $4.3 million, said Gary Mittleman, president and CEO, in an email. That includes contributions from 57 undisclosed angel investors as well as a combined $932,000 from the startup’s management team. Two investors are vendors providing either goods or services for the clinical trial. No investment has come from venture capital or private equity firms
Mittleman, the co-founder and first CEO of Plug Power, took on his current role in 2015. ReVivo was founded by Dr. Darryl DiRisio, an Albany Medical Center spinal surgeon, and biomedical engineers Eric Ledet and Glenn Sanders.
Ledet, chief science officer, recently left his role as professor of biomedical engineering at Rensselaer Polytechnic Institute to lead an incubator for the Center for Disability Services. Sanders, chief technology officer, is director of R&D for Intrinsic Therapeutics in Massachusetts. Ledet and Sanders are co-inventors of the ReVivo products.
ReVivo said earlier this summer that it has added Hassan Serhan and Jacob Einhorn to its board.
