Vesper Medical said today that it raised a $37 million funding round for the Duo venous stent it’s developing.
The round, which follows an $11 million Series A round the Wayne, Pa.-based company landed a year ago, was led by Vensana Capital and Gilde Healthcare, joined by existing backers New Enterprise Assoc. and Quaker Partners.
Vesper said it closed on the first, unspecified tranche, with future tranches pegged to “key” milestones. The proceeds are earmarked for the Duo program, including a large pivotal U.S. trial, a bid for pre-market approval from the FDA and pursuit of CE Mark approval in the European Union, the company said.
“This financing provides us with the capital we need to rapidly advance development of the Vesper Duo stent system and bring this important technology to the 25 million U.S. adults suffering with deep venous disease,” president & CEO Bruce Shook said in prepared remarks. “Vensana and Gilde bring both experience and resources to the Vesper team, and we are thrilled to have them on board.”
“We see deep venous disease as one of the most exciting frontiers in endovascular medicine,” added Vensana managing partner Justin Klein. “The team at Vesper Medical is poised to play an important role in advancing treatment for patients with deep venous disease, and we are proud to support them.”
“Deep venous disease is a highly under-treated disease with dire consequences for patients,” Gilde partner Geoff Pardo said. “We are excited to partner with Vesper Medical on the development of a truly novel family of venous stents to treat deep venous disease.”