The new funding will promote the development of a global hemorrhagic and ischemic stroke treatment product portfolio, as well as support the company’s two ongoing clinical trials.
Wallaby Medical, a Laguna Hills, CA and Shanghai, China based medical device company dedicated to treating stroke, announced it has recently closed over $20M USD in its Series B+ funding round.
The round was led by new investors CITIC Med Funds with participation from existing investors Maison Capital, Qianhai FoF and Chang‘an Capital. As part of the financing, Ms. Hua Cai, General Manager, will be joining Wallaby’s board of directors.
“We are excited and grateful to bring on CITIC to our Wallaby team,” said Michael Alper, CEO of Wallaby Medical. “We feel the resources they bring will help ensure success in our key market, China which makes up 40% of the global incidence of stroke."
Wallaby Medical focuses on developing and commercializing medical device products for treating stroke. Wallaby’s first product, the Wallaby Avenir® Coil System is a technically differentiated neuro embolic coil system for treating intracranial aneurysms and other neurovascular abnormalities. Avenir® is now FDA 510K cleared, CE marked, and Japan PMDA approved and is commercialized in over 12 countries.
Wallaby has several other advanced products currently under development.