Arsenal Medical CEO Upma Sharma Backs Terumo Neuro Deal as NeoCast Moves Toward Pivotal Trial
The proposed deal comes as Arsenal advances NeoCast into the pivotal RADIANT trial following encouraging first-in-human results in chronic subdural hematoma.
WALTHAM, MA — Arsenal Medical is preparing to hand its next-generation liquid embolic technology to a larger neurovascular platform, with President and CEO Upma Sharma, PhD, saying the proposed acquisition by Terumo Neuro could help take the company’s NeoCast technology into its next stage of development.
Terumo Neuro said Tuesday it has signed an agreement to acquire privately held, clinical-stage Arsenal Medical, whose lead technology, NeoCast, is being developed for the treatment of chronic subdural hematoma (cSDH) through middle meningeal artery (MMA) embolization.
For Arsenal Medical, the transaction represents a potential transition from developing the biomaterials platform within a privately held company to advancing it under Terumo Neuro, a global neurovascular business with an established commercial and clinical infrastructure.
“Arsenal Medical was founded on the idea that advanced materials can transform the way challenging medical conditions are treated,” Sharma said in the announcement. “NeoCast is a powerful example of that vision.”
Sharma said NeoCast was designed to give physicians controlled delivery and consistent distal penetration without solvents or adhesives, characteristics that Arsenal believes could differentiate the technology in the growing field of MMA embolization.
“Terumo Neuro’s leadership in neurovascular innovation makes it the ideal organization to help realize the full potential of NeoCast through its next stage of development following the close of the transaction,” Sharma said.
From Arsenal’s platform to Terumo’s portfolio
NeoCast is a solvent-free, non-adhesive biomaterial intended for embolization of the MMA, a blood vessel increasingly targeted as part of treatment strategies for cSDH.
Arsenal has already advanced the technology into human clinical testing. The company recently received U.S. Food and Drug Administration Investigational Device Exemption approval for RADIANT, a pivotal randomized, multicenter study evaluating NeoCast adjunctively with surgery in patients with symptomatic subacute and chronic subdural hematoma. The first patients have been enrolled.
Results from Arsenal’s EMBO-02 first-in-human study provided the clinical foundation for the next phase of development. According to the company, NeoCast met its primary feasibility and safety endpoints, with 96% of subjects achieving at least a 50% reduction in hematoma volume and 75% achieving complete hematoma resolution at final follow-up.
The study included 24 patients, 79% of whom were treated with embolization alone, while 10 underwent treatment without general anesthesia. Arsenal also reported improvements in functional outcomes, with 79% of patients showing better functional status based on modified Rankin Scale and quality-of-life measures through 180 days compared with baseline.
The findings remain preliminary and will be tested further in the RADIANT pivotal study. That trial is designed to compare NeoCast with Onyx LES for symptomatic subacute and chronic subdural hematoma when used adjunctively with surgery.
A strategic exit for Arsenal
The proposed acquisition comes as MMA embolization gains attention as an approach to addressing the vascular mechanisms associated with hematoma persistence and recurrence.
For Arsenal, the transaction gives its technology a path into a broader neurovascular organization as NeoCast moves into pivotal-stage development. Terumo Neuro said the acquisition would expand its liquid embolic portfolio and strengthen its focus on differentiated technologies for neurovascular care.
“We are impressed by the progress Arsenal Medical has made,” Terumo Neuro CEO Carsten Schroeder said, adding that the company expects to combine its global neurovascular expertise with Arsenal’s technology platform following the transaction.
The financial terms were not disclosed.
The acquisition remains subject to customary closing conditions. NeoCast is still an investigational device and is not approved for commercial sale in the United States.
For Sharma and Arsenal, the deal marks a significant next step for a technology developed around advanced biomaterials, with the company now positioning Terumo Neuro to carry NeoCast through its next stage of clinical development.
