E2 Raises $80 Million Series C to Sell Hēlo Pulmonary Embolism Thrombectomy System

Endovascular Engineering, the Menlo Park, California, maker of a mechanical thrombectomy system for pulmonary embolism, announced an oversubscribed $80 million Series C financing round on Tuesday, April 7, co-led by Gilde Healthcare and Norwest, in a release distributed by PR Newswire. The company, known as E2, said the money will fund commercialization of its Hēlo Thrombectomy Platform.

Existing investors Santé Ventures, 415 Capital, S3 Ventures, Panakès Partners and M&L Healthcare Investments also took part, along with two existing undisclosed strategic investors and a new global strategic investor, according to the release. Geoff Pardo, a general partner at Gilde Healthcare, and Zack Scott, a general partner at Norwest, will join E2's board.

"This is a pivotal milestone for E2 as we continue our mission to improve options for patients and physicians in the VTE space," said Dan Rose, E2's chief executive, who added that the financing would let E2 "build a strong commercial organization" while it keeps investing in research and development and operations.

The device

E2 received FDA clearance late last year for the Hēlo thrombectomy system for the removal of clots from pulmonary arteries and veins, MedTech Dive reported. The system is indicated for the non-surgical removal of emboli and thrombi from pulmonary arteries and venous vasculature and is intended for use in the peripheral veins and for the treatment of pulmonary embolism, according to the company's indications statement, as also reported by Endovascular Today.

The company said the platform combines aspiration with mechanical clot disruption and delivers large-bore performance through a small-profile catheter, which it said enables single-pass procedures. Those are the company's descriptions; the release did not include new clinical data.

A crowded clot-removal market

The round arrives after two large acquisitions in mechanical thrombectomy. Boston Scientific announced a $14.5 billion deal to acquire Penumbra in January, and Stryker completed a $4.9 billion purchase of Inari Medical last year, MedTech Dive reported.

E2 said the financing marks Gilde's return to the venous thromboembolism category. The firm previously led Inari's Series C commercial financing and remained an investor until Stryker acquired the company, according to the release.

"E2 represents the type of innovation we look for - technology that meaningfully advances clinical care and has the potential to define a category," Pardo said in the release.

Scott said Norwest was "impressed by E2's leadership team and their thoughtful approach to building a scalable commercial organization."

The Series C follows a $42 million Series B round last year, MedTech Dive reported. E2 did not disclose a valuation.