A Chester County medical device company developing a product to repair the aorta has raised $4.3 million from a private stock sale.
The Series A financing by Vesteck Inc. of West Chester was led by The New World Angels of South Florida, which invested $1.1 million. Other investors were Florida-based DeepWork Capital and Ocean Azul Partners plus Philadelphia-based investors Ben Franklin Technology Partners of Southeastern Pennsylvania, Robin Hood Ventures and the Delaware Crossing Investor Group.
The financing included the conversion of all existing convertible notes to stock.
Vesteck CEO Joe Rafferty said the company plans to use the funds to support its product manufacturing, pre-clinical testing and first in-human studies. Rafferty, a Temple University graduate, said he expects human testing of the company's lead product, its "suture-tight catheter," to begin in about a year.
Founded in 2019, Vesteck has a platform technology comprised of six devices that integrate the delivery of nitinol sutures into a catheter to improve clinical outcomes for endovascular aortic aneurysm patients. Nitinol is a new tendon suture material that has demonstrated good strength and "super-elastic" properties and easy handling.
The aortic repair market is projected to grow to $4.5 billion by 2028, according to Vesteck. The aorta is the human body's main and largest artery, which originates from the left ventricle of the heart and extended to the abdomen. It is responsible for distributing oxygenated blood throughout the body.
Vesteck said its "suture-tight" catheter delivers nitinol sutures more easily than current endovascular or surgical options. It is designed to secure endovascular aortic repair grafts to the aorta during the initial implant or in-repair procedures.
"The suture-tight catheter makes the process faster, easier and safer for surgeons and patients," said Dr. David H. Deaton, Vesteck's chief medical officer, adding that he believes the device will become the standard of care.
Steve O'Hara, president of New World Angels, said his firm was attracted to Vesteck by its technology designed to "improve patient outcomes for a number of less invasive surgeries, starting with endovascular aortic repair procedures."
In addition to aortic repair, Vestek, which has three employees, is also focusing on the structural heart and gastroenterology market.
