U.S. venture capital firms, METIS Innovative and ShangBay Capital, co-lead funding round and join board to accelerate company growth and development of unique bioabsorbable stent to cure brain aneurysms
CALGARY, AB, Aug. 11, 2021 /CNW/ - Fluid Biotech Inc., a medical device start-up company in Calgary, Alberta, Canada, today announced the completion of its Seed fundraising round totaling $4.7 million USD and the addition of two new members to its board of directors. METIS Innovative of Miami, Florida, and ShangBay Capital of Palo Alto, California, co-led the company's oversubscribed financing round, which included new investors UCeed Health Fund and UCeed Child Health and Wellness Fund from the University of Calgary, Thin Air Labs, Wharton Alumni Angels, Amino Capital, Bluesky Equities, ThresholdImpact and Alabaster Capital, and follow-on funding from pre-seed partners.
Brain aneurysms afflict up to 5% of people and can lead to devastating stroke. Fluid Biotech is commercializing the world's first hybrid polymer-metal flow-diverting brain stent to cure this deadly condition. Uniquely constructed of bioabsorbable polymer and metal, this novel device provides a scaffold to allow better healing and visualization of blood vessels. With pre-clinical prototypes demonstrating disease cure in the laboratory, the company will use the new capital to engage contract manufacturers to initiate production, complete regulatory milestones, and plan for first-in-human implantation.
"Today's announcement of international investors with domain expertise in medical devices and technology, further validates our compelling technology and vision," said Dr. John Wong, CEO and co-founder of Fluid Biotech. Dr. Alim Mitha, President, CTO, and co-founder, stated, "The enhanced resources provided by our newest partners will accelerate product development from our biomedical engineering laboratory to the marketplace and help transform the clinical care of patients world-wide."
Related to this funding round, Fluid Biotech welcomes to its board of directors: Brian Sidman, co-founder and principal of METIS Innovative and a veteran of capital accrual for investment opportunities; and Dr. Chaucer Shen, managing partner of ShangBay Capital, who brings more than 20 years of industry experience working with international medical device companies.
"The 'Holy Grail' in the evolution of flow-diverting technology for treating intracranial aneurysms is creating a safe and effective bioabsorbable stent," said Sidman. "Fluid Biotech is making this concept a reality. We are thrilled to support them in their endeavor and believe Fluid Biotech represents the future of the field."
William Dai, founding managing partner of ShangBay Capital, stated, "We are very excited about Fluid Biotech's bioabsorbable flow-diverting stent technology and its huge potential to improve the outcomes of brain aneurysm patients."
About Fluid Biotech (www.fluidbiotech.com)
Founded by neurosurgeons, Fluid Biotech is a Canadian company developing the next generation of vascular stents to improve patient well-being and realize better health and quality of life through innovation.
About METIS Innovative (https://www.metisinnovative.com/)
Metis Innovative was formed in 2017 as an investment vehicle for promising early-stage medical devices and technology in the neurosciences. Founded by two prominent neurosurgeons in academic practice and a veteran of capital investment, the firm's mission is to identify and invest in unique, well positioned companies focused on scientific breakthroughs.
About Shangbay Capital (https://www.shangbaycapital.com/)
Shangbay Capital is a venture capital company that brings investors access to best-in-class investments in the medical devices technology, biotechnology, and healthcare technology sectors through early-stage venture equity participation. It has a strong leadership team with deep ties to strategics and innovators and enjoys partnering with experienced founders on disruptive technologies.
SOURCE Fluid Biotech