Veniti said it nailed down a $17 million Series C financing it plans to use to advance testing and commercialization of its Vici venous stent system.
The St. Louis-based medical device company said the round involved both debt and equity funding. Previous investors Baird Capital, Tekla Healthcare and Tekla Life Science Investors led the equity portion, along with internal investors. Life Sciences Alternative Funding, a New York-based direct investment company, handled the senior secured debt financing, Veniti said.
“Veniti has been developing its position as a leader in the marketplace for the advancement of the treatment of venous disease. This additional funding will allow us to ensure completion of the Virtus clinical trial, demonstrating how patients can benefit from venous stenting, as well as provide us necessary working capital for commercial expansion,” Veniti CFO Catherine Matthes said in prepared remarks.
The Vici stent is designed for the iliac and femoral veins in patients who have obstructions due to conditions including venous ulcers and varicose veins, the company said. The device, which is already on the market overseas under a CE Mark from the European Union, is also being evaluated in the Virtus trial.
That prospective, multicenter, single-arm, non-randomized study is being run under an investigational device exemption from the FDA. It’s slated to enroll up to 200 patients at as many as 30 sites worldwide.
Veniti founder, president & CEO Sean Morris told MassDevice.com in 2012 that Veniti is solely focused on devices to treat venous disease with a 3-pronged approach that includes its Veni RF Plus varicose vein treatment, the Veniti vena cava filter and the industry’s 1st vein-specific stent, the Vici. The company was founded in 2010.