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news.Paragon Intellectual Properties has restructured the company, moving from a limited liability company with seven subsidiaries to a single C-corporation to form Nexeon MedSystems. This restructuring was undertaken to prepare for pending clinical trials and commercialization of the company's lead technologies.
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In addition, the company has completed a Series A equity funding round of $24 million with financing provided by SurModics, Guidant (now Abbott Laboratories and Boston Scientific), and private investors.
Proceeds from the financing will be used to execute on development and clinical trial plans for the prohealing Protex coronary stent system. Additionally, Nexeon said that it will use the funds to advance the development of its other lead technologies, including a family of innovative peripheral stents and nanotechnology-based medical devices.
Mark Bates, founder and CEO of Nexeon MedSystems, said: “This show of support from investors reflects confidence in our team to execute on our core mission of improving lives through the development of breakthrough therapies for cardiovascular disease. It is also a testament to our strong intellectual property portfolio and our nimble approach to innovation.
“We are pleased with the tremendous progress the Paragon team has made since the company’s inception. The same passion, resolve and commitment to innovation that led to the early success of Paragon will fuel the forward momentum of Nexeon MedSystems.”