Advanced Bifurcation Systems has announced the successful closure of a US$20.8 million simple agreement for future equity (SAFE) financing round.
The company, which received US Food and Drug Administration (FDA) for its novel coronary artery bifurcation stenting technology in October 2023, has also announced the addition of two new members to its board of directors.
The financing round was oversubscribed, Advanced Bifurcation Systems said in a press release, reflecting strong demand from high-net-worth individuals and family offices across the USA and internationally.
Malia Chui, representing Brandon Holdings, Advanced Bifurcation Systems’ largest investor through the recent SAFE financing, and Susan Yashar, who recently retired as deputy global CEO and general counsel of Deloitte Global, have been added to the company’s board of directors.
Chui brings decades of expertise in investment management, with a specialisation in healthcare, including hospital ownership and operations. Her strategic vision and leadership in navigating complex healthcare investments will be instrumental as Advanced Bifurcation Systems scales its operations, the company’s press release states.
Prior to Deloitte, Yashar served in senior roles at the Securities & Exchange Commission and the Public Company Accounting Board. Among other things, Susan brings deep experience in regulatory compliance, corporate governance and managing international business, according to Advanced Bifurcation Systems, which adds that her background will provide the company with unparalleled insights as the company navigates regulatory approvals and expands globally.
Mehran Khorsandi, CEO of Advanced Bifurcation Systems, stated: “We are honoured by the strong support shown by our investors in this oversubscribed financing round. Many of them are industry experts who recognise the transformative potential of our technology. We are equally excited to welcome Malia Chui and Susan Yashar to our board of directors. Their expertise, alongside guidance from Willie Lawrence, as a new member of our scientific advisory board and advisor to the CEO, will be instrumental as we advance through US FDA and international regulatory processes and prepare for the commercialisation of the ABS device.”
