July 15, 2021 08:00 AM Eastern Daylight Time
Mike Buck, CEO of TRUVIC (left); Fred Khosravi, Chairman and CEO of Imperative Care (right)
CAMPBELL, Calif. — (BUSINESS WIRE)—Impperative, Care, Inc. today announced that it has closed a $260 million Series D financing led by D1 Capital Partners L.P. New investors HealthCor Investments LLC and Innovatus Capital Partners, LLC also joined the round. Existing Imperative Care investors Ally Bridge Group, Bain Capital Life Sciences, Ascension Ventures, Delos Capital, Rock Springs Capital, and Amed Ventures participated in the financing. James Rogers from D1 will join Imperative Care’s Board of Directors.
Proceeds from the financing will be used to support ongoing commercialization and development of a wide range of Imperative Care’s technologies in the broad continuum of stroke care, as well as to create a strategic network of wholly owned development subsidiaries in a number of areas of synergy.
In connection with the financing, Imperative Care also announced that it has acquired Truvic Medical, Inc., a peripheral thrombectomy innovator, in a stock-for-stock transaction. Under this transaction, Truvic will operate as a wholly owned subsidiary of Imperative Care, retaining its founding leadership team and distinct brand identity. The proceeds from the Series D financing will also be used to advance Truvic’s development and commercialization of novel technologies for the treatment of peripheral vascular disease.
“We are grateful for the confidence our investors have placed in us through this major financing, which we believe will have a profound impact on our ability to accelerate development efforts in the field of stroke and peripheral interventions,” said Fred Khosravi, Chairman and CEO of Imperative Care. “Our strategy is to intensify our programs designed to meet patients’ needs, bringing more innovative technologies to the market faster.”
“In addition to our initial focus in the field of stroke, we see natural areas of synergy across unmet patient needs, and we are committed to accelerating those paths to commercialization,” Khosravi said. “To achieve that objective, and beginning with Truvic, we are creating a network of wholly owned subsidiaries that will leverage synergies where appropriate while at the same time giving the development programs the independence, specialization, and focus they need to bring important vascular intervention products to the market to meet patient needs as rapidly as possible.”
“Imperative Care and Truvic share cultures of innovation and intense commitments to the needs of patients, and I’m pleased that the two companies are now joining forces at an even deeper level to advance our common goals,” said Mike Buck, CEO of Truvic Medical. “The financing will accelerate Truvic’s development programs and preparations to enter the rapidly-growing market for peripheral thrombus management.”
D1 Capital Partners, founded in 2018, is a global investment firm that invests in both public and private markets. “Through their focus on innovative solutions to stroke and peripheral vascular disease, we believe Imperative Care and Truvic are poised to make dramatic impacts in these leading causes of death and disability,” said Daniel Sundheim, D1’s Founder and Chief Investment Officer. “We are pleased to invest at this exciting time as Imperative Care and Truvic advance technologies that will help give patients a better chance for optimal recovery.”
About Imperative Care, Inc.
Based in Campbell, Calif., Imperative Care is speeding new answers to stroke by developing a portfolio of innovative solutions to address the vast and urgent unmet needs in stroke care. Imperative Care has 510(k) clearances from the U.S. Food and Drug Administration (FDA) for two product platforms: a family of access catheters called Large Distal Platform (LDP) designed to facilitate smooth, consistent navigation into blood vessels of the brain and the Zoom Aspiration System, a family of products designed to facilitate clot removal during ischemic stroke.
Imperative Care was co-founded in 2015 by Dr. Nick Hopkins, a pioneer of endovascular neurointervention and former Chief Scientific Officer of Jacobs Institute, and Fred Khosravi, a medtech entrepreneur and innovator. Imperative Care is the twenty-first start-up founded by Khosravi and the Incept LLC medical technology accelerator during the past 23 years.
For more information, visit www.imperativecare.com.