Imperative Care announced today that it closed a $260 million Series D financing round to support its stroke care technologies.
Campbell, Calif.-based Imperative Care had its funding led by D1 Capital Partners, with new investors HealthCor Investments and Innovatus Capital Partners also joining the round. Existing investors Ally Bridge Group, Bain Capital Life Sciences, Ascension Ventures, Delos Capital, Rock Springs Capital and Amed Ventures participated.
As a result of the financing, James Rogers of D1 Capital Partners will join Imperative Care’s board of directors, according to a news release.
The company said it earmarked proceeds from the financing for the support of the ongoing commercialization and development efforts across its portfolio of stroke care technologies. Additionally, funds will be used to create a strategic network of wholly-owned development subsidiaries in a range of areas.
“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,” Imperative Care chairman & CEO Fred Khosravi said in the release. “Our strategy is to intensify our programs designed to meet patients’ needs, bringing more innovative technologies to the market faster.”
In connection with the financing, Imperative Care acquired Truvic Medical in a stock-for-stock transaction. Truvic develops technologies for treating peripheral vascular disease.
Under the transaction, Truvic will operate as a wholly-owned subsidiary of Imperative Care, retaining its founding leadership team and distinct brand identity. Proceeds from Imperative Care’s $260 million financing will also be used to advance Truvic’s development and commercialization.
“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,” added Truvic CEO Mike Buck. “The financing will accelerate Truvic’s development programs and preparations to enter the rapidly-growing market for peripheral thrombus management.”