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Medical stent maker Svelte nets $22m New Science Ventures, CNF financing

4 Nov 2013

Svelte stentNew Science Ventures and CNF Investments have led a $22m financing round for medical equipment maker Svelte Medical Systems.

The investment brings the total raised by Svelte to $65m since it was founded in 2007.

Svelte said it planned to use proceeds from the financing to complete a medical study and prepare for commercialisation of its drug-releasing coronary stent.

NSV managing partner Somu Subramanium said, “Our firm is pleased to be partnering with Svelte during this exciting time in the company’s evolution.

“Under the guidance of its experienced management team, Svelte’s highly differentiated technologies present a unique opportunity to significantly impact the very large and well-established coronary stent market.”

In July life sciences focused firm RiverVest Venture Partners has exited medical stent maker IDEV Technologies, which was sold for $310m to Abbott Laboratories.

The sale generated a return of 2.6 times on the venture capital firm’s $12m investment in the company, which develops medical devices for interventional radiology, vascular surgery and cardiology.

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