Okami Medical Raises $45M for Vascular Embolization Device Commercialization
Okami Medical, a company specializing in vascular embolization devices, has successfully raised $45 million in a recent financing round. The funding will be used to expand the company's commercial footprint and support clinical programs for its innovative Lobo system. In conjunction with this financial milestone, Okami has appointed Drew Hykes, former CEO of Inari Medical, as its new chief executive officer.
Lobo System: A New Approach to Vascular Embolization
The Lobo system, Okami's flagship product, represents a significant advancement in vascular embolization technology. Unlike traditional embolization coils, the Lobo device utilizes a unique braiding method that employs wires one-quarter the thickness of a human hair. This dense structure effectively blocks blood flow in target vessels, offering potential advantages over existing solutions.
Key features of the Lobo system include:
- FDA 510(k) clearance obtained in 2019
- Ability to match the size of target veins or arteries
- Reported vessel occlusion within 30 seconds using a single device
- Average time to occlusion of 90 seconds
Okami claims that the Lobo system's single-device design is more cost-effective than conventional coils. Real-world data suggests potential savings between $373 and $2,041 per case when compared to detachable coils.
Strategic Leadership and Market Positioning
The appointment of Drew Hykes as CEO brings valuable experience to Okami's leadership team. Hykes, who previously led Inari Medical to a $4.9 billion acquisition by Stryker, has a track record in the medical device industry, including early career experience at Medtronic.
Okami faces competition in the embolization market from established players such as:
- Boston Scientific (Interlock coils)
- Terumo (Azur coils)
- Abbott (Amplatzer vascular plugs)
The $45 million investment, backed by Gilde Healthcare, Vensana Capital, and U.S. Venture Partners, positions Okami to challenge these industry giants and potentially disrupt the vascular embolization landscape.
References
- Okami raises $45M to commercialize vascular embolization devices
The company named former Inari Medical CEO Drew Hykes as its next leader in conjunction with the financing round.
Explore Further
What specific clinical programs or trials are planned for the Lobo system following the $45 million funding?
How does Okami Medical plan to differentiate itself from competitors like Boston Scientific and Abbott in the vascular embolization market?
What is the projected market size for vascular embolization devices, and how much of this market is Okami aiming to capture with the Lobo system?
What are the specific savings mechanisms of the Lobo system that make it more cost-effective compared to traditional embolization coils?
What role is Drew Hykes expected to play in accelerating Okami Medical's commercialization efforts and market positioning?