Veran Medical raises $30 mln

Veran Medical Technologies Inc. closed a $30.6 million round of financing led by Versant Venturesand River Cities Capital Funds. Axisting investors Prolog Ventures, Advantage Capital, Rex Health Ventures, 3G Capital, Dynamic Investments and Vectis also participated. St. Louis-based Veran Medical is a medical device company.

PRESS RELEASE

ST. LOUIS, MO (PRWEB) SEPTEMBER 22, 2015
Veran Medical Technologies Inc., a privately-held medical device company and leader in image-guided endobronchial and percutaneous technology for diagnosis of lung cancer and therapy delivery, has completed a $30.6 million financing, led by Versant Ventures and River Cities Capital Funds. The financing was oversubscribed with participation from existing investors Prolog Ventures, Advantage Capital, Rex Health Ventures, 3G Capital, Dynamic Investments, and Vectis. The financing will support Veran’s commercial expansion in the U.S. and entry into international markets.
“Veran’s SPiN Thoracic Navigation System and SPiNPerc are transforming the physician’s ability to accurately access and diagnose hard-to-reach solitary pulmonary nodules (SPN’s) and to provide cost-effective care for the 2.7 million SPN’s found annually in the U.S.,” said Veran CEO Jason Pesterfield. “With this new financing, we are well positioned to accelerate our commercial expansion plans to address this fast growing multi-billion dollar potential market while helping our customers save more lives through the early diagnosis of lung cancer.”
The SPiN Thoracic Navigation System and SPiNPerc are being used by many of the top cancer centers in the U.S., and they enable physicians to navigate easily to suspicious nodules through either an endobronchial or percutaneous approach using a detailed, patient-specific airway map derived from a low dose CT scan. With Always-On Tip Tracked instrumentation and patient tracking of respiration, Veran enables accurate and fast diagnosis in a single procedure versus what has traditionally taken several procedures to get a lung cancer diagnosis.

River Cities Capital Funds

Read the release here.