Vesper Medical Announces $37 Million Financing with Vensana Capital and Gilde Healthcare to Complete Development of Its Duo Venous Stent System™
WAYNE, Pa.–(BUSINESS WIRE)–Vesper Medical, Inc., a developer of medical devices for minimally
invasive peripheral vascular procedures, today announced a $37 million
financing with Vensana Capital and Gilde Healthcare as lead investors.
They were joined by existing investors New Enterprise Associates (“NEA”)
and Quaker Partners. The first tranche of the financing has closed and
future tranches will close as the Company achieves key milestones.
“We see deep venous disease as one of the most exciting frontiers in
endovascular medicine,” said Justin Klein, Managing Partner at Vensana
Capital. “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.”
Vesper Medical plans to use the proceeds from this financing to complete
the development of its innovative Duo Venous Stent System including a
large, pivotal clinical trial and subsequent submission of a Pre-Market
Approval (“PMA”) application to the FDA. A portion of the financing will
also be used to obtain CE Mark certification for the Vesper Duo™ stents.
“Deep venous disease is a highly under-treated disease with dire
consequences for patients,” said Geoff Pardo, Partner at Gilde
Healthcare. “We are excited to partner with Vesper Medical on the
development of a truly novel family of venous stents to treat deep
venous disease.”
When the deep veins of the pelvis or upper leg become occluded by clots
or narrowed by compression, this can lead to a blockage (or increased
resistance) of blood flow out of the leg and abnormally increased
pressures in the affected veins. This abnormality can cause symptoms
such as severe leg swelling, pain, skin discoloration and even ulcers.
Deep venous disease impacts millions of people worldwide, and the
primary treatments include elastic compression stockings and blood
thinners (oral anticoagulants), which temporize the problem but do not
address the root cause – the blockage or narrowing of the veins.
“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 million1 U.S. adults suffering with deep
venous disease,” said Bruce Shook, President & CEO at Vesper Medical.
“Vensana and Gilde bring both experience and resources to the Vesper
team, and we are thrilled to have them on board.”
About Vesper Medical
Vesper Medical is a privately held medical device company that develops
minimally- invasive peripheral vascular products. Vesper Medical is
advancing the treatment of deep venous disease and creating a highly
differentiated, purpose-built venous stent portfolio that addresses the
multiple anatomical challenges presented by the iliac and femoral veins.
Vesper Medical is a spinout of Intact Vascular, Inc., a company
dedicated to innovation in the treatment of peripheral arterial disease.
Visit www.vespermedical.com
for more information.
About Vensana Capital
Vensana Capital is a venture capital and growth equity investment firm
dedicated to partnering with entrepreneurs who seek to transform
healthcare with breakthrough innovations in medical technology. Launched
in 2019, Vensana is actively investing in late development and
commercial stage companies across the medtech sector, including medical
devices, diagnostics, drug delivery, digital health, and tech-enabled
services. Vensana’s investment team has a history of successfully
partnering with management teams behind industry-leading companies
including Cameron Health, CardiAQ, Cartiva, CV Ingenuity, Epix
Therapeutics, Lutonix, Neuwave Medical, Sequent Medical, Topera,
Ulthera, and VertiFlex. Learn more at www.vensanacap.com.
About Gilde Healthcare
Gilde Healthcare is a specialized European healthcare investor managing
EUR 1 billion (USD 1.2 billion) across two fund strategies: venture
& growth capital and private
equity. Gilde Healthcare’s venture & growth capital fund invests
in medtech, diagnostics, digital health and therapeutics. The portfolio
companies are based in Europe and North America. Gilde Healthcare’s
lower mid-market buy-out fund invests in profitable European healthcare
services companies with a primary focus on the Benelux and DACH regions.
Gilde is currently investing out of Gilde Healthcare IV which is
financed, in part, by the European Recovery Program-European Investment
Fund Facility. Learn more at www.gildehealthcare.com.
Forward Looking Statements
This press release contains “forward-looking statements” concerning the
development of Vesper Medical’s products, the potential benefits and
attributes of such products, and the company’s expectations regarding
its prospects. Forward-looking statements are subject to risks,
assumptions and uncertainties that could cause actual future events or
results to differ materially from such statements. These statements are
made as of the date of this press release. Actual results may vary.
Vesper Medical undertakes no obligation to update any forward-looking
statements for any reason.
Vesper DUO™ and Vesper DUO Venous Stent System™ are trademarks of Vesper
Medical, Inc.
CAUTION: Device not approved for sale or use in the United States.
1. Benjamin, Emelia J., et al. “Heart disease and stroke statistics-2017
update: a report from the American Heart Association.” Circulation 135.10
(2017): e146-e603.
Contacts
Vesper Medical, Inc.
Andrea Dunkle, 1-484-892-6340
