Vascular focused device developer VentureMed said today it raised $15 million in a Series B round.
The round was led by newly invested Endeavour Vision and joined by RiverVest Venture Partners, the Toledo, Ohio-based company said.
“Endeavour Vision’s current fund is dedicated to transformational technologies in medical devices and digital health. We are excited to support a company with the potential to make significant improvements in the lives of millions of men and women globally who suffer from peripheral vascular diseases and others suffering from the challenging management of renal dialysis access,” Endeavour Vision senior investment director Alexander Schmitz said in a prepared release.
“RiverVest Venture Partners, is pleased to be participating in this financing. VentureMed’s innovative technology platform, partnered with its talented team, positions it to improve the treatment of PAD and AV access, and to significantly benefit physicians and their patients worldwide,” RiverVest Venture Partners VP Karen Spilizewski said in prepared remarks.
VentureMed produces products designed for peripheral interventions for treating individuals with peripheral artery disease.
The company’s Flex scoring catheter, designed for vessel preparation for interventional treatments for PAD, has both FDA clearance in the US and CE Mark approval in the European Union.
“The Flex Scoring catheter is an innovative and promising technology for patients suffering from vascular disease. My initial experience has been all positive: it is safe, quick, easy to use vessel prep device that could potentially reduce overall procedure time and cost,” Dr. Ian Cawich of the Arkansas Heart Hospital said in a press release.
Funds from the round will support VentureMed’s strategic clinical plan, including current and future trials in the US and Europe, as well as key operational and research development programs and regulatory and reimbursement initiatives.
“We are very pleased to have Endeavour Vision’s and RiverVest Venture Partners’ support to help build our team and expand our product line, enabling us to help physicians provide expanded treatment options for their PAD patients. For over 20 years, I’ve been treating patients suffering from vascular disease, focusing on improving clinical outcomes and reducing treatment times, while remaining cognizant of procedural costs. As a vascular surgeon, I can visualize how disease in the artery responds to various devices that have come to market over the decades. I invented the Flex Scoring catheter to provide interventionalists with a cost-effective solution for treating patients with challenging PAD. Physicians are not only seeing excellent outcomes in PAD patients treated with Flex Scoring catheters, but are equally excited about its use in complex dialysis interventions,” VentureMed founder & chief science officer Dr. John Pigott said in a prepared statement.
“The investment from these highly successful, international investment firms represents a significant endorsement of our technology and our team. In this ever-changing healthcare environment, innovative medical device companies must continue to deliver new technology platforms and treatment options that improve outcomes and reduce costs,” VentureMed CEO Gary Smith said in a press release.