Irvine-based NeuroVasc Technologies Inc. raised $34 million from China-based Wego Group to support the company’s global clinical trial program for ischemic stroke.
“Our growth is rapidly accelerating as a result of this partnership,” Chief Executive JianLu “Jim” Ma said in a press release.
NeuroVasc recently moved its headquarters from a 3,200-square-foot space in Laguna Hills to a 19,500-square-foot facility in Irvine; the company is keeping the first location as it continues to expand.
Currently, NeuroVasc has 19 full-time employees. Commercialization of its product Envie for the EU, Hong Kong, and Southeast Asia and clinical trials begin this year.
Envie is a stent retrieval system involved in the removal of blood clots in the brain, such as a stroke. The device is designed to improve a surgeon’s “clot retrieval capabilities in tortuous anatomy,” according to the press release.
Globally, there are 26 million cases of stroke annually. The worldwide neurovascular market is expected to hit $3.4 billion by 2025 from $2.5 billion.
Wego is a medical company that produces infusion products, orthopedics, and manufactures single-use medical devices.
