Veran Medical Technologies raised nearly $1 million in a debt, options and warrants offering, according to a regulatory filing.
The St. Louis-based company makes imaging systems for minimally invasive procedures. The funding round involved a trio of investors and the company is looking to raise another $1 million, according to the filing.
Veran hasn’t provided any public information on fundraising since May 2008, when it raised a $4.75 million Series A round (PDF), its first institutional funding. That round was led by St. Louis-based Prolog Ventures and included funding from Advantage Capital Partners, which has an office in St. Louis.
The company also filed a regulatory document in August 2009 saying it had raised $1.4 million.
After the Series A round, Veran moved to St. Louis from Nashville, where it was having trouble attracting institutional backers. At the time, Veran CEO Jerome Edwards lamented that Nashville venture capitalists weren’t particularly comfortable investing in device firms, instead preferring health information technology, surgical centers and “hospital rollups,” according to Venture Nashville Connections.
Veran’s IG4 Navigation imaging system allows doctors to view moving images and navigate medical instruments within organs, such as the lungs, kidneys and liver. Because the system creates images of moving targets, or “4D” images, it eliminates the need for a CT scan every time a physician moves a needle during a procedure.
The system allows physicians to more safely target lesions, which are sometimes associated with cancer. The IG4 won clearance (PDF) from the Food & Drug Administration in February for two new indications, ultrasound and fluoroscopic X-ray.
In December, Veran announced a collaborative agreement (PDF) with GE Healthcare in which the companies validated the compatibility of the IG4 and one of GE’s imaging systems.
As of February, there were 14 IG4 systems in use in the U.S., according to a report from Vanderbilt University Medical Center (PDF).
A Veran spokesman didn’t immediately return a call or an e-mail seeking comment.
