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R3 Vascular raises $87M for peripheral artery disease stent

May 20, 2024
Illustration of a first aid bag filled with cash.  

Illustration: Aïda Amer/Axios

R3 Vascular raised an $87 million Series B for its bioresorbable scaffold for peripheral artery disease.

Why it matters: While still in trial phase, R3 emerges as a potential competitor to Abbott, the first medtech to secure FDA approval for a dissolving stent to treat chronic limb-threatening ischemia.

Zoom in: The fresh capital — led by affiliates of Deerfield Management, with participation from existing shareholders including 415 Capital and a strategic investor — will finance pivotal clinical trials.

How it works: R3's bioresorbable, drug-eluting stent includes a dissolving scaffold, designed for use in severe below-the-knee cases of peripheral artery disease, or chronic limb-threatening ischemia.

  • Its implant delivers a dose of the immunosuppressant sirolimus.

Catch up quick: Before Abbot's stent was approved last month, the standard-of-care was done primarily with balloon angioplasty.

  • Meanwhile, it's Abbott's second attempt at bioresorbable implants, after having to take its coronary stent off the market a year after its approval in 2016, amid slow sales and safety concerns.
  • Mountain View, Calif.-based R3 has raised a total of $105 million, per PitchBook.
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