MOUNTAIN VIEW, Calif., May 09, 2024 (GLOBE NEWSWIRE) -- R3 Vascular Inc., a medical device company dedicated to developing and providing novel, best-in-class bioresorbable scaffolds for treating peripheral arterial disease (PAD), announced today the closing of its $87 million Series B financing round. The company also announced that veteran medical device executive Christopher M. Owens will serve as its new President and Chief Executive Officer. Mr. Owens succeeds the founder Kamal Ramzipoor, who will step into the role of Chief Technology Officer (CTO). The Series B financing was led by affiliates of Deerfield Management with participation from existing shareholders including 415 Capital and a strategic investor.   R3 Vascular will use the proceeds to support the ELITE FDA IDE pivotal trial of its best-in-class bioresorbable scaffold, MAGNITUDE®, for below-the-knee (BTK) PAD. The funding will also support additional research and development, global regulatory submissions, scale up of manufacturing processes and initial commercialization. MAGNITUDE® is a next generation bioresorbable scaffold with the potential to address one of the greatest needs for patients suffering from Chronic Limb-Threatening Ischemia due to below the knee PAD. As part of the financing, David Neustaedter, Ph.D. and Michael Hurley, M.D. from Deerfield Management will join R3 Vascular's Board of Directors. Commenting on the financing and the appointment of Mr. Owens, Jack Springer, Executive Chairman of R3 Vascular said, "On behalf of the R3 Vascular Board of Directors, we are very pleased to complete this exciting Series B financing and welcome Chris Owens as President and CEO. Chris has extensive experience and a proven track record in building and leading category defining medical device companies. We look forward to his contributions to move the company into its next phase of growth and beyond, while continuing to capitalize on this next-generation bioresorbable scaffold design.   We would also like to acknowledge the significant accomplishments of our founder Kamal Ramzipoor who has ...