Endeavour Vision and RiverVest Venture Partners Lead Funding
TOLEDO, Ohio, Aug. 15, 2017 /PRNewswire/ — VentureMed Group®, Inc., (“VMG” or
the “Company”) a medical device company developing and commercializing
next-generation endovascular products to treat patients suffering from
peripheral artery disease (PAD), today announced it had raised $15 million in new
equity financing. The Series B Round was led by new investor Endeavour Vision, a
technology and life science investor based in Geneva, Switzerland, and also
included new investor RiverVest Venture Partners, a St. Louis, MO, based venture
capital firm dedicated to life science and healthcare investing.
“We are very pleased to have Endeavour Vision’s and RiverVest Venture Partners’
support to help build our team and expand our product line, enabling us to help
physicians provide expanded treatment options for their PAD patients,” said John
Pigott, MD, founder and Chief Science Officer, at VMG. “For over 20 years, I’ve
been treating patients suffering from vascular disease, focusing on improving
clinical outcomes and reducing treatment times, while remaining cognizant of
procedural costs,” Pigott explained. “As a vascular surgeon, I can visualize how
disease in the artery responds to various devices that have come to market over
the decades. I invented the FLEX Scoring Catheter® to provide interventionalists
with a cost-effective solution for treating patients with challenging PAD.
Physicians are not only seeing excellent outcomes in PAD patients treated with
FLEX Scoring Catheters, but are equally excited about its use in complex dialysis
interventions.” Arteriovenous fistulas (AVF) and grafts (AVG) are created to provide
access for hemodialysis patients suffering from end-stage renal disease.
The proceeds from the equity financing will be used to fund VentureMed’s
strategic clinical plan (which includes current and future trials in the US and
Europe) and key operational and research and development programs; expand
the company’s worldwide commercial team; and support regulatory and
reimbursement initiatives for the Company’s lead technology platform, FLEX, an
innovative, cost-effective device for the endovascular treatment of patients
suffering from PAD and arterio-venous access complications.
“The investment from these highly successful, international investment firms
represents a significant endorsement of our technology and our team,” said
VentureMed Group’s Chief Executive Officer, Gary L. Smith. “In this ever-changing
healthcare environment, innovative medical device companies must continue to
deliver new technology platforms and treatment options that improve outcomes
and reduce costs,” Smith continued.
The use of drug-eluting balloons concomitantly with vessel preparation devices
to treat stenosis of the lower extremities can improve outcomes, according to Ian
Cawich, MD, of Arkansas Heart Hospital, in Little Rock, AR, who was one of the
first physicians in the United States to use the FLEX Scoring Catheter. “The FLEX
Scoring Catheter is an innovative and promising technology for patients suffering
from vascular disease. My initial experience has been all positive: it is safe, quick,
easy to use vessel prep device that could potentially reduce overall procedure
time and cost,” said Dr. Cawich.
“Endeavour Vision’s current fund is dedicated to transformational technologies in
medical devices and digital health,” said Alexander Schmitz, Senior Investment
Director at Endeavour Vision. “We are excited to support a company with the
potential to make significant improvements in the lives of millions of men and
women globally who suffer from peripheral vascular diseases and others
suffering from the challenging management of renal dialysis access.”
“RiverVest Venture Partners, is pleased to be participating in this financing,” said
Karen Spilizewski, Vice President at RiverVest Venture Partners. “VentureMed’s
innovative technology platform, partnered with its talented team, positions it to
improve the treatment of PAD and AV access, and to significantly benefit
physicians and their patients worldwide.”
About FLEX Scoring Catheters
FLEX incorporates a proprietary technology that allows for Dynamic Scoring®
within femoral-popliteal arteries or within native or synthetic arteriovenous fistula
or grafts. Its unique design allows the operator to easily prepare a diseased vessel
in a single insertion without the need for multiple balloon inflations or device
exchanges. FLEX is an ideal device to use prior to adjunctive therapies
(angioplasty, drug coated balloon, bare metal stenting and drug eluting stent) in
the treatment of peripheral artery disease.
About VentureMed Group
VentureMed Group, Inc. is a commercial-stage medical device company that
develops and markets cost-effective interventional devices to improve the
treatment of peripheral artery disease. The Company’s innovative product
platforms are designed to improve clinical outcomes and reduce procedural
VMG’s lead platform is the FLEX Scoring Catheter. FLEX has the ability to treat the
complete range of peripheral vessel diameters and lesion lengths and has been
described as a safe, efficient and intuitive tool for the treatment of PAD by
interventionalists. FLEX is FDA approved and has CE Mark approval and is
available for sale and distribution in the United States and Europe.
VentureMed is located in Toledo, Ohio, USA. For more information, please visit
the company’s website at www.venturemedgroup.com.
Venture Med Group®, FLEX and FLEX Scoring Catheter are registered
trademarks of VentureMed Group. FLEX AV Catheter is trademarked by
VentureMed Group Media:
VentureMedGroup Investor Relations:
Chief Executive Officer
SOURCE VentureMed Group, LTD.