Vesper Medical, Inc., a developer of medical devices for minimally invasive peripheral vascular procedures, today announced that it completed its Series A financing totaling $10.5 million. Major participants in the Series A financing included New Enterprise Associates and Quaker Partners. The financing occurred in two tranches and is now complete.
“We are enthusiastic to partner with the Vesper team in their mission to provide a best-in-class solution to treat deep venous disease. Venous intervention has been long underserved as a place for innovation, but is now at a growth inflection point as the next major category in the peripheral vascular market,” said Justin Klein, MD, JD, Partner at New Enterprise Associates and member of the Vesper Medical Board of Directors.
Vesper Medical plans to use the proceeds from this financing to complete the development of its Vesper Duo Venous Stent System™ inclusive of the in vivo testing necessary to obtain the approvals required for clinical testing of the Vesper Duo™ stents.
“There are more than 25 million1 U.S. adults suffering the debilitating consequences of deep venous disease, and traditional treatments fall short for many of them. We see an enormous opportunity to deliver a lasting solution for these patients that is tailor made to the unique requirements of the deep veins,” said Bruce Shook, President and CEO at Vesper Medical.
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 treatment includes 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 vein(s).