BiO2 Medical drums up $8m from Oxford Finance

Oxford Finance said yesterday it closed an $8 million secured term loan with Angel catheter maker BiO2 Medical, with funds slated to support FDA clearance and an anticipated commercial launch of the catheter in mid-2016.

The Angel catheter is designed to provide access to the central venous system and to trap blood clots before they can reach the lungs, according to the San Antonio, Texas-based company.

“With this equity and venture debt capital secured, we are on the path to commercializing the Angel Catheter in the U.S. We anticipate providing pulmonary embolism prophylaxis to over one million patients who are at high risk of pulmonary embolism and are ineligible for existing venous thromboembolism prevention,” CEO Christopher Banas said in a prepared statement.

This makes the 2nd influx of money to BiO2 Medical this month. Earlier in January, the company said it raised a $9 million Series D round for its Angel catheter, after concluding its pivotal clinical trial a year ahead of schedule.

BiO2 said it also arranged $5 million in venture debt financing from Oxford Finance, with another $3 million due upon winning 510(k) clearance from the FDA for the Angel device. That could happen as soon as the 2nd quarter, BiO2 has said.

The new funds are earmarked for a U.S. launch, boosting the sales force in the U.S. and overseas, “incremental R&D projects” and general infrastructure, the company said.

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