VentureMed Group Raises Financing to Support Product Development and Clinical Trials
August 15, 2017—VentureMed Group, Inc., which is a Toledo, Ohio–based developer and commercializer of next-generation endovascular products to treat patients with peripheral artery disease, announced that it has raised $15 million in new equity financing. The Series B financing round was led by new investor Endeavour Vision, a technology and life science investor based in Geneva, Switzerland, and also included new investor RiverVest Venture Partners, of St. Louis, Missouri, which is a venture capital firm dedicated to life science and health care investing.
According to the company, the proceeds from the equity financing will be used to fund VentureMed's strategic clinical plan, including current and future trials in the United States and Europe, as well as key operational and research and development programs, expanding the company's worldwide commercial team, and supporting regulatory and reimbursement initiatives for the company's Flex device.
Flex has received US Food and Drug Administration approval and CE Mark approval and is available for sale and distribution in the United States and Europe.
The Flex device is intended for the endovascular treatment of patients with peripheral artery disease and arteriovenous access complications. The device's technology allows for "dynamic scoring" within femoropopliteal arteries or within native or synthetic arteriovenous fistulas or grafts. Its design allows the interventionalist to prepare a diseased vessel in a single insertion without the need for multiple balloon inflations or device exchanges.
Ian Cawich, MD, of Arkansas Heart Hospital in Little Rock, Arkansas, was one of the first physicians in the United States to use the Flex scoring catheter. In the company's press release, Dr. Cawich noted that the use of drug-coated balloons concomitantly with vessel preparation devices to treat stenosis of the lower extremities can improve outcomes. He added, "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 a safe, quick, easy to use vessel prep device that could potentially reduce overall procedure time and cost."