Okami Medical Announces Closing of $7.2M Series D Financing

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Jun 24, 2020, 10:00 ET

ALISO VIEJO, Calif., June 24, 2020 /PRNewswire/ -- Okami Medical Inc., announced today the close of a Series D financing totaling $7.2 million. The financing was led by U.S. Venture Partners and was joined by members of Okami's board of directors and medical device industry veterans.

The financing provides Okami, the second portfolio company of medical device incubator Inceptus Medical LLC, with capital to commercialize its innovative catheter-based technologies for peripheral vascular occlusion. To date, Okami has developed the LOBO™ Vascular Occlusion System, which is uniquely designed to provide interventional physicians with a single-device, one-and-done solution for the occlusion of a wide range of arterial targets without the need for multiple embolic devices.

"We are pleased to continue to work with investors who have supported us in our mission to create and foster innovative concepts into successful companies, including Inari Medical (Inceptus' first portfolio company, publicly traded on the Nasdaq Global Select Market under the symbol "NARI"), Sequent Medical (acquired by Terumo in 2016) and MicroVention (acquired by Terumo in 2006)," said Bob Rosenbluth, PhD, President and CEO of Okami. "We will use these funds to support and accelerate Okami's commercial and technology development programs."

The LOBO (LOw-profile Braided Occluder) system combines a patented design with proprietary HDBRAID™ technology to create a highly occlusive pore structure that substantially reduces blood flow and accelerates vessel closure. The advanced technology platform enables the fast and efficient closure of blood vessels throughout the body for the successful treatment of a diverse set of conditions. The LOBO system is 510(k) cleared by the U.S. FDA for the occlusion of peripheral arteries.

About Okami Medical

Okami Medical, Inc. is a privately-held medical device company with a mission to address the evolving needs of patients and physicians through the development of innovative, versatile, and intuitive devices for the occlusion of peripheral vessels. The company was created in 2017 by Inceptus Medical, a medical device incubator. Okami is backed by members of the board of directors, U.S. Venture Partners (USVP) and medical device industry veterans. For more information, please visit www.okamimedical.com.

About U.S. Venture Partners

U.S. Venture Partners (USVP) is a leading Silicon Valley venture capital firm, partnering with entrepreneurs to transform their ideas into world-changing companies. USVP has invested in over 400 companies spanning four decades, including: Box, Check Point Software, Guidewire, HeartFlow, HotelTonight, Imperva, Inari Medical, Inspire Medical Systems, Intersect ENT, Luminate, Omada Health, Pluto TV, Prevoty, Sequent, ThreatMetrix, Trunk Club, Trusteer, Vontu, Yammer and Zerto. USVP focuses on early-stage start-ups that transform cybersecurity, enterprise software, consumer and healthcare. The USVP team consists of former entrepreneurs, technologists, corporate executives, and financial professionals who assist with strategy, scaling, team building, product development, and business development. USVP is based in Menlo Park, California. For more information visit www.usvp.com.

SOURCE Okami Medical Inc.