May 29, 2019- 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 Medical, Inc.
Andrea Dunkle, 1-484-892-6340
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.
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