Obsidio, Inc., a pre-clinical stage medical materials developer, today announced the closing of a $3 million round led by IAG Capital Partners. Returning investors included Good Growth Capital and other angel investors. In addition, The National Science Foundation (NSF) awarded Obsidio with a $225k Phase I Small Business Innovation Research (SBIR) grant. Obsidio plans to use the proceeds for clinical development of its embolic hydrogel material.
“Obsidio will deploy these funds to advance the gel embolic material into pilot trials to address applications in peripheral, neurovascular, and tumor embolization and enhance the performance of the biomaterial,” said Dr. Ehsan Jabbarzadeh, Obsidio’s Chief Executive Officer. “Today, there is a major gap in the standard of care, including high rebleeding rates, non-target embolization, unpredictable economics, and most importantly, dependence on patients’ ability to clot. Our technology provides a significant opportunity to advance the embolization industry and improve patient outcomes.”
Obsidio is developing a shear-thinning biomaterial that has significant advantages over existing products for transcatheter intravascular embolization. Deploying the biomaterial is a minimally invasive procedure used to control bleeding, close off vessels supplying blood to a tumor, eliminate abnormal connections between arteries and veins, and treat aneurysms. “This shear-thinning biomaterial is also easy to use and will cut down procedure-time and radiation exposure to the patient and operator, enhancing the over-all physician experience,” said Dr. Rahmi Oklu, an interventional radiologist and the Chief Medical Officer of Obsidio.
Obsidio’s embolization material can be used for a broad range of indications, is injectable via a wide range of catheters, is compatible with most imaging techniques, and will be available off-the-shelf, eliminating the inventory costs associated with embolic devices such as coils used today.
“Obsidio’s technology provides an elegant solution for managing embolization, a serious and difficult-to-treat problem,” said Dennis Sacha, Principal at IAG Capital Partners. “We are excited to work with this experienced team as they begin clinical testing.”
Additionally, Obsidio appointed Jeffrey Gold to the Board of Directors. Gold brings significant experience, having led successful companies and participated as director or advisor to several public and private venture-backed medical device companies. Good Growth Capital’s Dr. Maureen Stancik Boyce says, “Jeffrey Gold brings a wealth of experience in the embolization space to Obsidio’s Board of Directors as the company brings its life-saving technology to the clinic. His expertise in vascular systems adds excellent value as Obsidio prepares for pilot studies and further develops its shear-thinning biomaterial for therapeutic embolization.”
About Obsidio, Inc.
Obsidio, Inc. is a venture capital-funded medical device start-up dedicated to the research, development, and commercialization of breakthrough embolotherapy products. http://obsidiomed.com
About IAG Capital Partners
IAG Capital Partners is based in Charleston, South Carolina. The firm invests in a variety of companies from early-stage to recapitalization and restructuring. http://www.iagcapitalpartners.com/
About Good Growth Capital
Good Growth Capital (GGC) is an early-stage venture capital firm with offices in Charleston, SC and Boston, MA that finds and funds transformative technology-based start-ups. Good Growth Capital is the most active venture fund in the state of South Carolina. GGC also invests a fund focused primarily on pre-seed and seed-stage companies with an MIT affiliation, GGC’s Infinite Corridor Fund. GGC is majority women-owned and managed. https://www.goodgrowthvc.com/
About the National Science Foundation’s Small Business Programs
America’s Seed Fund powered by NSF awards $200 million annually to start-ups and small businesses, transforming scientific discovery into products and services with commercial and societal impact. https://seedfund.nsf.gov/