Veniti locked down $25 million in Series D financing from Boston Scientific ($BSX) to finish a clinical trial for its venous stent system.
The funds will help Veniti wrap up the 200-patient, 60-month VIRTUS trial of its Vici Venous Stent. The study is being run under an investigational device exemption from the FDA, and final data collection is planned for May 2017, according to ClinicalTrials.gov.
Veniti also plans to use the Series D funding to beef up product development and commercialization for its device, the company said in a statement.
"We are extremely pleased to be partnering with such a high quality industry leader to advance our core technology, the Vici Venous Stent," Veniti CEO Jeff Elkins said in a statement. "This financing will allow us to complete a number of critical milestones and support more physicians treating patients suffering from venous outflow obstruction around the world."
Veniti, which was founded in 2010, has already attracted funding for its stent system. In 2012, the St. Louis, MO-based company raised $15 million from investors including Baird Venture Partners. In 2013, Veniti brought in $9.7 million of an anticipated $12 million round.
Last year, the company raised $17 million to complete its VIRTUS trial. Previous investors such as Baird Capital and Tekla Healthcare led the equity portion of the financing.