Contego Medical, which happens to the sole and the very first provider of Integrated Embolic Protection based filter technology for stent delivery catheters and angioplasty balloons has recently declared the end of the financing round worth US$5.6 million from the Hatteras Venture Partners. Hatteras Venture Partners is a new venture firm that mostly focuses on diagnostics, biopharmaceuticals, medical devices, and other aspects of human medicine.
Medical Mutual, Lookout Capital, and Mountain Group Partners were also included in the round. This development of angioplasty balloons by Contego Medical happens to be a major breakthrough in medical technology that researchers believe will lead to lower incidence of procedural complexities and strokes. The funds that the company will be utilizing will mostly be directed towards the engineering teams, sales teams, and the area of leadership.
The main rationale is to develop and come up with innovative products for the upcoming next-gen platform for Integrated Embolic Protection. The various devices including Paladin device that are at present still going through development mostly address the highly lucrative market and industry. These devices exhibit the capabilities for becoming the standards of medical care in the particular areas of target treatment since most combination devices aim at simplifying the procedures offer cost efficient solutions, and even improve the outcomes. The CEO and founder of Contego Medical has expressed that the company is all geared up for partnering with Hatteras Venture Partners for commercialization and expansion of their company portfolio.