Indian-American cardiologist and serial entrepreneur Kiran Patel this week announced he’s investing $60 million in Concept Medical Inc., a company looking to test its novel sirolimus-coated balloon.
Patel will help fund CMI’s request for an investigational device exemption from the FDA, which it needs to launch clinical studies that can test the balloon’s safety and effectiveness. The device was developed as a tool for coronary angioplasty in all CVD patients, though Patel said it’ll likely benefit diabetics most since they’re high-risk candidates for angioplasty.
“The cost of studies in the United States is so high,” Patel told the Business Journal. “So for me, this was an amazing opportunity because I was able to step in and provide the capital."
He said he also plans to move CMI’s headquarters from Miami to the Tampa area.
“We’ve made significant advances, and what we are doing now is even more amazing,” he said.
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