HOUSTON–(BUSINESS WIRE)–Ictero Medical, Inc., a medical device startup developing a novel cryoablation system to treat high-risk patients with cholelithiasis, raised an oversubscribed $6 million Series A funding led by MedTex Ventures, S3 Ventures and an undisclosed strategic investor. The funding will be used to continue product development and complete initial clinical trials.
While more than one million patients a year in the United States undergo surgical removal of their gallbladder to treat symptomatic gallstones, there remains a large and underserved segment of high-risk patients who would benefit from an alternative to surgery. Ictero’s technology builds on existing interventional techniques to provide cryoablation therapy to effectively defunctionalize the gallbladder without the need to remove it. “Our technology offers an immediate solution to critically ill patients who currently have no good treatment options, and also has the potential to benefit healthier patients who wish to avoid surgery,” says Matthew Nojoomi, Co-Founder and CEO of Ictero.
To accelerate product development and clinical activities toward regulatory clearance, Ictero Medical recently launched a partnership with Biotex, Inc., an experienced medical device development company based in Houston. The partnership provides Ictero with comprehensive engineering resources and in-house manufacturing capabilities, as well as capital support from MedTex Ventures through its Biotex Medical Device Fund. “We are excited to work with the Ictero team to advance their technology, which we believe can significantly improve patient experience and outcomes by providing a non-surgical alternative to treating gallbladder disease” said Biotex CEO Ashok Gowda.
“MedTex Ventures is excited about Ictero’s novel cryoablation technology and its potential to solve the unmet need for inoperable patients with gallbladder disease,” said John Fichthorn, CIO of MedTex Ventures. “The team is just as important. We believe that the combination of technical capabilities from Ictero and Biotex, along with the support of key investors with commercial experience, such as S3 Ventures, positions the company for long-term success.
“Ictero is at the forefront of pioneering cryotherapy for gallstone disease, and S3 Ventures is excited about the potential of Ictero’s new solution to quickly bring impactful results to patients,” commented Kim Rodriguez, Venture Partner at S3. “Our research suggests a substantial opportunity to help patients with gallstones who are dependent on drainage catheters or who are too ill for surgery. We are joining a strong investment syndicate to support a highly capable team.”
About Ictero Medical Inc.
Ictero Medical was founded in 2018 as part of the Texas Medical Center Biodesign Fellowship Program and is developing the first cryoablation system to treat high-risk patients with gallstones. Ictero’s catheter-based technology can be used in the interventional radiology suite to treat the gallbladder without having to remove it, ultimately allowing clinicians to offer their patients the benefits of surgery without the risks. Previous financial support includes an NSF Phase I grant and a $1 million seed round co-led by the Texas Medical Center Venture Fund and the Texas HALO Fund. For more information, please visit www.icteromedical.com.
About MedTex Ventures LLC
MedTex Ventures is an early-stage medical device venture capital firm. The team is made up of expert investors from diverse backgrounds representing the medical device industry, buy-side, sell-side and medical devices. The company established the Biotex Medical Device Fund and partnered with Biotex Inc. to help research, analyze, develop, finance and manage medical device companies. For more information, please visit www.medtexventures.com.
About Biotex Inc.
Biotex is a leading product development company and manufacturer of new medical technologies. Located adjacent to the Texas Medical Center, Biotex employs a team of more than 50 engineers and specialists with expertise in the development, manufacturing, regulatory clearance and commercialization of medical devices. Biotex also serves as a supplier and contractor for several industry leading medical device companies. For more information, please visit www.biotexmedical.com.
About S3 Ventures
With $900 million in assets under management, S3 Ventures is the largest Texas-focused venture capital firm. Backed by a multi-billion dollar philanthropic family for more than 17 years, we give great entrepreneurs the patient capital and real resources to grow extraordinary, high-impact businesses in enterprise technology, consumer digital experiences and health technologies. For more information, visit www.s3vc.com.
About the Texas Medical Center Venture Fund
The Texas Medical Center Venture Fund (TMCVF) is the venture capital arm of TMC, the world’s largest medical center. TMCVF serves the health, education, and research needs of Texas by partnering with entrepreneurs through investments in their businesses, supporting their strategic and operational needs, and helping them access and connect to TMC member institutions. For more information, please visit www.tmcventurefund.com.