Vesper Medical, a developer of medical devices for minimally invasive peripheral vascular procedures, has announced a US$37 million financing with Vensana Capital and Gilde Healthcare as lead investors. They were joined by existing investors New Enterprise Associates (NEA) and Quaker Partners. The first tranche of the financing has closed and future tranches will close as the Company achieves key milestones.
“We see deep venous disease as one of the most exciting frontiers in endovascular medicine,” said Justin Klein, managing partner at Vensana Capital. “The team at Vesper Medical is poised to play an important role in advancing treatment for patients with deep venous disease, and we are proud to support them.”
Vesper Medical plans to use the proceeds from this financing to complete the development of its innovative Duo venous stent system including a large, pivotal clinical trial and subsequent submission of a Pre-Market Approval (PMA) application to the US Food and Drug Administration (FDA). A portion of the financing will also be used to obtain CE Mark certification for the Vesper Duo stents.
“Deep venous disease is a highly under-treated disease with dire consequences for patients,” said Geoff Pardo, partner at Gilde Healthcare. “We are excited to partner with Vesper Medical on the development of a truly novel family of venous stents to treat deep venous disease.”
Deep venous disease and abnormality can cause symptoms such as severe leg swelling, pain, skin discolouration and ulcers. Deep venous disease impacts millions of people worldwide, and the primary treatments include elastic compression stockings and oral anticoagulants, which temporise the problem but do not address the root cause—the blockage or narrowing of the veins.
“This financing provides us with the capital we need to rapidly advance development of the Vesper Duo Stent System and bring this important technology to the 25 million US adults suffering with deep venous disease,” said Bruce Shook, president and CEO at Vesper Medical. “Vensana and Gilde bring both experience and resources to the Vesper team, and we are thrilled to have them on board.”