Okami Medical Secures $32.5M Series C Funding to Advance Peripheral Vascular Occlusion Technologies

Recently, Okami Medical, a peripheral vascular interventional device company, announced the completion of a $32.5 million (approximately 230 million RMB) financing round to support its proprietary innovative technology for vascular occlusion, which is expected to help it become a market leader in this field.

This round of financing was led by new investor Vensana Capital, with participation from US Venture Partners, members of the Okami Medical board, and other seasoned professionals from the medical device industry.

Potential Innovative Products

Okami Medical, Inc. was founded in 2017 and is a medical device company located in Aliso Viejo, California. Established by the medical device incubator Inceptus Medical, it focuses on providing innovative solutions for peripheral vascular conditions, aiming to treat diseases such as peripheral bleeding, aneurysms, and tumor embolization.

Okami Medical's mission is to meet the needs of patients and doctors for peripheral vascular occlusion by developing innovative, multifunctional, and intuitive devices. The team has more than a decade of leadership experience in the fields of braiding technology and minimally invasive vascular solutions. The company is supported by its board members, U.S. Venture Partners (USVP), and veterans of the medical device industry.

Currently, Okami Medical has developed the LOBO® Vascular Occlusion System and the SENDERO® Microcatheter.

LOBO® Vascular Closure System

LOBO Vascular Occluder is an innovative medical device. It is the first and only peripheral embolization device that uses proprietary HDBRAID technology, an innovative and unique braiding method specifically developed for manufacturing vascular occlusion devices. The LOBO® Vascular Occlusion System utilizes proprietary HDBRAID technology to provide a high-porosity density vascular occluder for treating peripheral vascular diseases such as peripheral bleeding, aneurysms, and tumor embolization.

Compared with traditional vascular closure devices, the LOBO® Vascular Closure System also features a low-profile design, multi-functional design, self-expansion, multi-disc design, and one-touch mechanical detachment.

Currently, multiple models of the LOBO® Vascular Closure System have been launched, including LOBO-3 (suitable for 1.5-3.5mm vessels), LOBO-5 (suitable for 3-5mm vessels), LOBO-7, and LOBO-9 (designed for occlusion of larger vessel diameters). These products have received FDA 510(k) clearance, demonstrating their safety and effectiveness.

The development of the LOBO® Vascular Occlusion System provides interventional physicians with a single-device, one-time solution for occluding various peripheral arterial targets, eliminating the need for multiple embolic devices, thereby simplifying the surgical process and enhancing treatment outcomes.

SENDERO® Microcatheter

SENDERO® Microcatheter is a microcatheter specifically designed for the peripheral vascular system, used to deliver diagnostic and therapeutic agents.

The microcatheter is characterized by its superior trackability, allowing smooth navigation even through complex vascular pathways, ensuring precise delivery of interventional devices to the target location. It features low-friction delivery, distal flexibility, stainless steel braiding, and accurate placement.

Currently, the SENDERO® microcatheter has received U.S. FDA 510(k) clearance, indicating that its safety and efficacy have been recognized. It is specifically designed for the LOBO® vascular occlusion system to assist in the delivery of the LOBO-3 and LOBO-5 occluders, which are suitable for occluding blood vessels of different diameters.

The recent 230 million yuan financing obtained by Okami Medical will be used to further develop and commercialize its peripheral vascular occlusion catheter technology, particularly its LOBO® Vascular Closure System, to address challenges in peripheral vascular interventions, enhance surgical efficiency, and potentially save lives in situations such as trauma and unstable bleeding.

The peripheral interventional market is developing rapidly.

In recent years, while the global peripheral intervention market has been developing positively, the peripheral intervention market in China has also grown rapidly.

According to a research report by Frost & Sullivan, the size of the peripheral intervention market in China reached 4.02 billion yuan in 2022, corresponding to an astonishing 17.08 million interventional procedures, with an annual compound growth rate of 11.4% during this period. Even more encouraging is that this market size is expected to soar to 12.2 billion yuan by 2030.

In the peripheral interventional market, the peripheral arterial market is particularly noteworthy. In China, the peripheral arterial market has become the main battleground for domestic companies. With the vigorous development of vascular surgery and the continuous expansion of professional teams, the growth boundaries of the peripheral arterial intervention market are constantly being pushed. According to Industrial Securities estimates, the size of the peripheral arterial market reached 5 billion yuan in 2019, and it is expected to grow to 12.2 billion yuan by 2030, with an annual compound growth rate as high as 15.7%. From lower limb arterial disease to visceral arterial disease, and further to carotid and vertebral artery diseases, the vast field of the peripheral arterial market provides unlimited business opportunities for medical device companies.

Compared to the peripheral artery market, interventional treatment for peripheral venous diseases is at a much earlier stage of development. However, the devices used in venous disease interventions are mainly from imported manufacturers, and in clinical applications, traditional surgical procedures such as vein stripping remain the primary treatment options for more common venous conditions like varicose veins and deep vein thrombosis.

Currently, the market for intravenous endovascular treatment interventional devices in China is relatively limited, but the overall market is showing a rapid growth trend. According to Frost & Sullivan analysis, by 2021, the market size of peripheral venous interventional devices in China was approximately 1.01 billion yuan, with a compound annual growth rate of about 18.2% from 2017 to 2021. This rapid growth trend will further accelerate with the increase in the clinical application of venous interventional surgeries. By 2030, the market size of peripheral venous interventional devices in China will reach 4.99 billion yuan, with a compound annual growth rate of 19.5% from 2021 to 2030.

Conclusion

The peripheral intervention market has broad development prospects. As a lucrative hot track, its development momentum has been particularly rapid in recent years. This time, Okami Medical secured a huge financing round, which will add several potential blockbuster products to the peripheral intervention market.

References:
1. "220 Million! Latest Financing of an Innovative Medical Device Company" Siyu MedTech
2. "Nearly 100 Million in Financing! Chinese-Made Dual-Track Medical Device Company Breaks Through" High-Value Consumables Frontier
3. "The World's First! A Game-Changing New Product in the Billion-Dollar Peripheral Intervention Market Arrives!" Medical Device Distributors Alliance

Editor: Muyan

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