Lazarus Effect announces closing of $5 million financing

Lazarus Effect, a medical device company focused on the development of novel interventional devices to facilitate removal of blood clots, announced the closing of a $5 million financing. Proceeds from the financing will support EU commercialization of several approved Lazarus Effect devices, as well as regulatory filings for the Lazarus ReCover™ and Lazarus Cover™ in the United States.

"This financing reflects investor confidence in the value of our novel, platform technology as well as our recent IP and regulatory progress," said Martin Dieck, chairman and CEO, Lazarus Effect. "Our expert team has a track record of bringing high-value neurointerventional products to market, and we are grateful to our investors for helping us replicate this success with Lazarus Effect."

Lazarus Effect is developing a complete portfolio of vascular-device products to facilitate removal of blood clots based on a patented, wire-frame technology platform. The company currently has five issued US patents and numerous pending US and worldwide patent applications. The Lazarus Funnel™ Guide Catheter and Lazarus ReCover devices have CE Mark for use in Europe, and the Funnel is cleared for use in the United States. The Lazarus Cover is pending CE Mark. Neither the ReCover nor the Cover are approved for sale in the United States.

New findings from a study evaluating the ability of the Lazarus Cover to prevent emboli during clot retrieval versus the current standard were presented today at the Society of Neurointerventional Surgery (SNIS) 11^th Annual Meeting in Colorado Springs, CO. Alexander Khalessi, MD, MS, director of Endovascular Neurosurgery and surgical director of Neurocritical Care at the University of California, San Diego, shared data from simulated thrombectomy procedures performed in an anatomical model which demonstrated that the Lazarus Cover can protect captured embolic material during withdrawal, potentially reducing the risk of embolization.