VeinWay Closes SAFE Round and Begins Series A Round of Financing

September 19, 2023—VeinWay, an Israel-based medical device company developing the Traversa venous recanalization system, recently announced it has closed an oversubscribed SAFE—Simple Agreement for Future Equity—round of investment and has opened a Series A round.

The funds will be used to complete all design-verification testing and to prepare for the company’s first-in-human clinical trial of Traversa towards an FDA investigational device exemption trial that is planned for the first half of 2024.

According to VeinWay, the Traversa system is in development for crossing clogged veins and restoring blood flow from the vein to the heart, including in patients with deep vein thrombosis (DVT) and postthrombotic syndrome (PTS).

The company noted that this financing news comes after its June 2023 announcement of two successful compassionate-use cases that were presented at LINC, the Leipzig Interventional Course held in Leipzig, Germany. The first case demonstrated that Traversa was used to help physicians save a patient’s leg. In the second case, the device was used to restore function to a patient’s arm by enabling the treating physician to cross a previously uncrossable clogged vein.

Additionally, VeinWay announced that Stephen Black, MD, and Houman Jalaie, MD, have joined the company’s scientific advisory board.

Dr. Black is a Consultant Vascular Surgeon at Guy’s and St Thomas’ Hospital and a Professor of Venous Surgery at Kings College, London in the United Kingdom. His principal clinical interest is the treatment of venous disease. Among his various positions and accomplishments, he is the cofounder and medical director at the UK Vein Clinic in London. He has led several global studies and is active in ongoing research and development in this field.

Dr. Jalaie is the Head of the European Venous Center in Aachen, Germany. He is also the Director of the Venous Program of the annual European Vascular Course held in Maastricht, the Netherlands. His specialties include the treatment of DVT and PTS and he has served as Principal or Coinvestigator in several clinical trials in these areas.

“We have seen significant growth in the venous space in the last 5-10 years,” commented Dr. Black in the company’s press release. “All the development has, however, focused on stents or thrombectomy devices. As the market matures, we need to see development in venous specific devices that make treatment easier and more effective. VeinWay is the start of that journey.”

Dr. Jalaie added, “I’ve seen firsthand the game-changing potential of VeinWay’s venous recanalization device. This is why I am joining the scientific advisory board of the company.”

Traversa is being developed by VeinWay as part of the MedX Xelerator’s Entrepreneur-in-Residence program designed to promote breakthrough innovation. VeinWay is a portfolio company of the MedX Xelerator, a medical device incubator backed by Boston Scientific, Sheba Medical Center, and other investors.