InterVene raises $15m Series B for BlueLeaf venous valve repair device

InterVene said today that it raised a $15 million Series B round for the venous valve repair device it’s developing.

South San Francisco-based InterVene touts BlueLeaf as the first catheter-based treatment for deep vein reflux that doesn’t use an implant. It’s designed to form new venous valves using vein wall tissue, the company said.

The Series B was led by 3×5 Partners and joined by prior investors including RiverVest Venture Partners, Boston Scientific (NYSE:BSX), Correlation Ventures and others, InterVene said.

“The funds will be utilized to expand our clinical research program abroad, and to initiate trials in the U.S. via an investigational device exemption study,” CEO Fletcher Wilson said in prepared remarks. “We expect to further demonstrate safety and clinical effectiveness while we optimize the BlueLeaf System and procedure in preparation for a subsequent pivotal study.”

“The BlueLeaf technology has the potential to offer a solution for patients with DVR, a current major gap in our treatment portfolio,” added Dr. William Marston of Chapel Hill, N.C.’s UNC Medical School. “The reports of the initial patients treated with the procedure are promising, and if confirmed in larger studies with longer follow-up, can provide a novel, important treatment option for this underserved patient group.”