ARIZONA NEWS

Tempe biotech firm Nectero lands $96M VC investment to support clinical trials

May 27, 2024, 5:00 AM

Tempe-based Nectero Medical raised $96 million in a series D round to accelerate clinical trials. (...

Tempe-based Nectero Medical raised $96 million in a series D round to accelerate clinical trials. (Getty Images Photo)

(Getty Images Photo)

A Tempe-based biotech company has landed one of the largest venture capital deals – if not the biggest – so far this year in Arizona.

Nectero Medical, which focused on heart disease treatments, has closed a $96 million series D round led by Norwest Venture Partners with participation from Boston Scientific Corporation, BioStar Capital, Cadence Healthcare Ventures, Aphelion Capital and other investors.

Nectero will use the new investment to accelerate the second and third phases of a clinical trial for its Nectero Endovascular Aneurysm Stabilization Treatment (EAST) system, according to the company.

The company launched clinical trials in January to investigate safety and effectiveness of its EAST system in patients with infrarenal abdominal aortic aneurysms. Clinical trials will be held at 45 sites nationwide, including in the Phoenix area, Nectero President and CEO Jack Springer told AZ Inno.

Nectero will also use proceeds to support submission of a new drug application for its EAST System with the U.S. Food and Drug Administration.

This story is posted in partnership with Phoenix Business Journal. Click to read the full story.

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Tempe biotech firm Nectero lands $96M VC investment to support clinical trials