COLUMBIA, SC – Obsidio, Inc., a pre-clinical stage medical materials developer, announced the closing of a $3 million round led by IAG Capital Partners. Returning investors included Good Growth Capital and other angel investors. In addition, The National Science Foundation (NSF) awarded Obsidio with a $225k Phase I Small Business Innovation Research (SBIR) grant. Obsidio plans to use the proceeds for clinical development of its embolic hydrogel material.
“Obsidio will deploy these funds to advance the gel embolic material into pilot trials to address applications in peripheral, neurovascular, and tumor embolization and enhance the performance of the biomaterial,” said Dr. Ehsan Jabbarzadeh, Obsidio’s Chief Executive Officer. “Today, there is a major gap in the standard of care, including high rebleeding rates, non-target embolization, unpredictable economics, and most importantly, dependence on patients’ ability to clot. Our technology provides a significant opportunity to advance the embolization industry and improve patient outcomes.”
Obsidio is developing a shear-thinning biomaterial that has significant advantages over existing products for transcatheter intravascular embolization. Deploying the biomaterial is a minimally invasive procedure used to control bleeding, close off vessels supplying blood to a tumor, eliminate abnormal connections between arteries and veins, and treat aneurysms. “This shear-thinning biomaterial is also easy to use and will cut down procedure-time and radiation exposure to the patient and operator, enhancing the over-all physician experience,” said Dr. Rahmi Oklu, an interventional radiologist and the Chief Medical Officer of Obsidio.
Obsidio’s embolization material can be used for a broad range of indications, is injectable via a wide range of catheters, is compatible with most imaging techniques, and will be available off-the-shelf, eliminating the inventory costs associated with embolic devices such as coils used today.
About Obsidio, Inc.
Obsidio, Inc. is a venture capital-funded medical device start-up dedicated to the research, development, and commercialization of breakthrough embolotherapy products.
About IAG Capital Partners
IAG Capital Partners is based in Charleston, South Carolina. The firm invests in a variety of companies from early-stage to recapitalization and restructuring.