ValenTx Completes $22 Million Series B Preferred Stock Financing
CARPINTERIA, Calif.--(Business Wire)--
ValenTx, Inc., announced today the closing of a $22 million Series B Preferred
Stock financing. The round was led by SV Life Sciences and joined by Covidien
Ventures, as well as all the Company`s existing venture capital investors:
Sapient Capital, EDF Ventures, Kaiser Permanente Ventures, Affinity Capital
Partners, and TGap Ventures.
"This financing is an important corporate milestone for ValenTx in its
development of a proprietary less-invasive treatment for morbid obesity and the
diseases, like diabetes, associated with morbid obesity," said Mitchell Dann,
Founder and Principal of Sapient Capital and Chairman of ValenTx's Board of
Directors. "The additional capital resources from our new and existing partners
position the company for clinical and regulatory development towards
commercialization."
Paul LaViolette, Venture Partner at SV Life Sciences and most recently Chief
Operation Officer at Boston Scientific Corporation, will join the Board of
ValenTx. "ValenTx holds the promise of a unique and powerful solution to address
the national health issue of obesity," added LaViolette. "We look forward to
working with the ValenTx team to realize this promise."
James Wright, President of ValenTx commented, "Morbid obesity and the
co-morbidities it causes, like diabetes, is a significant unmet medical need.
This point is highlighted by the recent CDC study stating that obesity is
responsible for over 9% of all medical spending in this country. While we are
still early in our development, the encouraging results from clinical study of
our technology have been presented at four major scientific meetings. With this
financing we will continue our Company`s development with the goal of offering a
safe and effective treatment option for morbid obesity to help address the
challenge this problem presents to our global community."
About ValenTx
ValenTx, Inc. is developing a less-invasive, implantable medical device to
address morbid obesity. The Company`s founding principle was to emulate the
proven mechanisms of bariatric surgery with a minimally invasive implantable
device. ValenTx is backed by leading medical technology venture capital
investors. ValenTx was originally funded by Sapient Capital, later joined by EDF
Ventures, Kaiser Permanente, Affinity Capital Partners, TGap Ventures and most
recently SV Life Sciences and Covidien Ventures. ValenTx is based in
Carpinteria, California.