U.S.-based medical device company PQ Bypass Inc. plans to raise up to $60 million in equity financing.

The round was led by Deerfield Management, with participation from existing backers including Seroba Life Sciences and MedTech Venture Partners.

PQ Bypass said that the proceeds will be used to convert approximately $15 million in outstanding convertible credit and interest to equity.

Moreso, PQ Bypass will also support the clinical development of its long blockages treatment in leg arteries.