Sirtex Medical announces strategic investment in BlackSwan Vascular, Inc.
Agreement includes investment to support clinical trials for potential first FDA-approved liquid embolic system for a peripheral vascular indication and option to acquire the company
WOBURN, Mass., Dec. 9, 2020 /PRNewswire/ -- Sirtex Medical (Sirtex), a leading manufacturer of targeted liver cancer therapies, announced a strategic investment in BlackSwan Vascular, Inc. (BlackSwan), a Bay Area-based private company developing groundbreaking therapies in endovascular embolization.
The investment provides resources for further development of BlackSwan Lava™, a liquid embolic system specifically tailored for peripheral vascular (PV) target indications. Lava™ has the potential to be the first liquid embolic for PV applications to receive approval in the U.S. Its key differentiators, which include optimized radiopacity, availability in two viscosities, reduced preparation time and controlled delivery, can enable treatment of a wide array of PV diseases.
"Our investment in BlackSwan marks an important step in Sirtex's commitment to expand product offerings to the endovascular field and to interventionalists addressing unmet medical needs," said Dr. Mark A. Turco, Global Chief Medical Officer and EVP, Research and Development of Sirtex. "We look forward to partnering with BlackSwan on its clinical journey and future opportunities to innovate patient care worldwide."
Under the collaboration, Sirtex made a significant equity investment in exchange for preferred shares in BlackSwan as well as an option to purchase the remaining shares of the company at an agreed price. In addition, Sirtex will appoint an observer member to the Board of Directors.
"We strive to provide the interventional community with the tools they need that drive safe, effective and value-based treatments," said Suresh Pai, CEO of BlackSwan. "We're excited to partner with Sirtex, a leader in targeted oncology, as an investor and collaborator as we advance our clinical program and bring much-needed therapy options to patients."
About BlackSwan Vascular
BlackSwan Vascular, Inc. is a privately held company based in Hayward, CA focused on the development of liquid embolic products tailored for use in peripheral vascular applications. The company was founded in 2017 by Suresh Pai and Celso Bagaoisan of LamaMed, LLC, a med-tech venture studio with a successful track record of capital efficient product development from concept to commercialization, and Sanjay Shrivastava of U.S. Vascular, LLC, a privately held company engaged in developing and commercializing vascular medical devices.
About Sirtex
Sirtex is a global healthcare business with offices in the U.S., Australia, Europe and Asia, working to improve outcomes in people with cancer. Sirtex's current lead product is a targeted radiation therapy for liver cancer called SIR-Spheres® Y-90 resin microspheres. More than 100,000 doses have been supplied to treat patients with liver cancer at more than 1,400 medical centers in over 50 countries. For more information, visit www.sirtex.com. SIR-Spheres® is a registered trademark of Sirtex SIR-Spheres Pty Ltd.
APM-AP-003-12-20
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