Canadian biotech startup Fluid Biotech develops vascular stents to cure brain aneurysms that afflict 6.5 million people in the US; raises $4.7M in funding

One in 50 people or an estimated 6.5 million people in the United States have an unruptured brain aneurysm and if not treated could lead to devastating stroke. According to bafound.org, a brain aneurysm awareness website, about 30,000 people in the United States suffer a brain aneurysm rupture each year. A brain aneurysm ruptures every 18 minutes and women are more likely than men to have a brain aneurysm (3:2 ratio).

It is for this reason that Fluid Biotech, a Calgary, Canada-based biotech startup is developing the next generation of unique vascular stents to cure brain aneurysms. The biodegradable (Non-metal) flow diverting stent will be used in patients suffering strokes or aneurysms.

Uniquely constructed of bioabsorbable polymer and metal, this novel device provides a scaffold to allow better healing and visualization of blood vessels. With pre-clinical prototypes demonstrating disease cure in the laboratory, the company will use the new capital to engage contract manufacturers to initiate production, complete regulatory milestones, and plan for the first-in-human implantation.

Today, Fluid Biotech announced it has raised $4.7 million in seed funding to engage contract manufacturers to initiate production, complete regulatory milestones, and plan for the first-in-human implantation.

The oversubscribed round was co-led by METIS Innovative and ShangBay Capital. In conjunction with the funding, Fluid Biotech also announced the addition of two new members to its board of directors: Brian Sidman, co-founder and principal of METIS Innovative and a veteran of capital accrual for investment opportunities; and Dr. Chaucer Shen, managing partner of ShangBay Capital,

Other backers for the seed round include new investors UCeed Health Fund and UCeed Child Health and Wellness Fund from the University of Calgary, Thin Air Labs, Wharton Alumni Angels, Amino Capital, Bluesky Equities, ThresholdImpact and Alabaster Capital, and follow-on funding from pre-seed partners.

Founded in 2012 by neurosurgeons Dr. John Wong (CEO) and Dr. Alim Mitha, (President and CTO), Fluid Biotech is developing the next generation of vascular stents to improve patient well-being and realize better health and quality of life through innovation.

Commenting on the funding, Dr. John Wong said, “Today’s announcement of international investors with domain expertise in medical devices and technology, further validates our compelling technology and vision.”

Fluid Biotech co-founder, Dr. Alim Mitha also added, “The enhanced resources provided by our newest partners will accelerate product development from our biomedical engineering laboratory to the marketplace and help transform the clinical care of patients worldwide.”

“The ‘Holy Grail’ in the evolution of flow-diverting technology for treating intracranial aneurysms is creating a safe and effective bioabsorbable stent,” said Sidman. “Fluid Biotech is making this concept a reality. We are thrilled to support them in their endeavor and believe Fluid Biotech represents the future of the field.”