Women’s health company Renovia has raised $42.3 million in financing to support clinical trials, product and corporate development and future commercial launches, the company said in a statement.
The funding includes $32.3 million in Series B equity and $10 million in venture debt. An SEC filing in July revealed that the company had raised $25.3 million in equity financing.
Boston-based Renovia created and produces the Leva pelvic floor strengthening system designed to aid individuals suffering from pelvic floor disorders. The system contains sensor technology that allows the user to see the position of their pelvic floor muscles and movement created during exercises, according to the company’s website.
Leva is FDA-cleared for rehabilitating and training weak pelvic floor muscles for treating stress incontinence, mild to moderate urge incontinence and mixed incontinence in women, according to the site.
The Series B financing was led by Perceptive Advisors and Ascension Ventures, with participation from Longwood Fund, Inova Strategic Investments, Cormorant Asset Management, OSF Ventures and Western Technology Investment. BayCross Capital Group acted as an advisor to Renovia.
“We’re excited to invest in a company working on a variety of products to positively impact this worldwide issue,” said Stan Lynall, vice president of venture investments for OSF HealthCare, the parent company of OSF Ventures in a separate statement. “As the Renovia team continues this work, our investment sets the stage for ongoing clinical collaboration to address those suffering from pelvic floor health issues.”
“We are thrilled to have the support of this group of leading healthcare investors who share our vision to better diagnose, treat and improve the lives of millions of women affected by pelvic floor disorders,” Renovia’s co-founder & CEO Marc Beer said in the company’s statement. “This mix of existing and new financial investors, and the participation of three leading integrated health networks with whom we can partner, is so well-aligned with Renovia’s clinical and commercial vision.”
“Combining our innovative and proprietary sensor technologies and form factors with a digital health platform will give our customers valuable data to inform new treatment options, drive greater knowledge and understanding of pelvic floor disorders, and ultimately lower long-term healthcare costs,” Beer added.
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