An Indian-American cardiologist and entrepreneur has invested $60 million in a medical company that will support clinical trial on cardiac devices to replace stent.
Dr Kiran Patel's investment is for the Concept Medical Inc, a Florida-based medical device company's Investigational Device Exemption (IDE) for the world's first sirolimus-coated balloon.
Sirolimus balloon catheter is a drug-coated balloon, which is a replacement of the stent. If a stent cannot be placed in human body or doesn't have a good outcome, then sirolimus balloon is used.
According to the company, the investment by the Indian American cardiologist will pave way for clinical studies to reduce risk of heart blockages.
Patel's investment will pay for clinical studies on cardiac devices coated with a substance that reduces the risk of heart blockages and the length of time a patient needs to take blood thinners, according to a statement issued by the company.
Noting that cardiovascular diseases represents 31 per cent of all global deaths, Patel said that his contribution will help towards the healthcare of millions of people around the world.
"I am excited to be a part of CMI whose research & innovative technologies will meet a major unmet need in patients with diabetes and cardiovascular diseases. This venture enables me to contribute to the millions of hearts beating around the world," Patel was quoted as saying in the release.
A portion of the funds will also be utilised to bolster the manufacturing operations to meet the increasing demand for their products globally.