Veniti, a Missouri device startup developing venous disease treatments, has nailed down more than $9.7 million of an anticipated $12 million round of venture financing from 15 investors, according to a regulatory filing.
Vectis Healthcare & Life Sciences Fund II led the round, President and CEO Sean Morris told the St. Louis Business Journal. Existing investors contributed $7 million to the total raised so far, he said.
What's the money going to? As the story notes, the company is developing three separate venous disease treatments. And so the cash will help propel them to European CE markings by this fall but also support the FDA approval process, Morris is quoted as saying. One product, dubbed the VENI RF Plus, uses radio frequency to generate steam as a varicose vein treatment, according to the company's website. Veniti's VIDI Vena Cava Filter (which helps prevent vena cava blood clots) and the company's VICI venous stent are the other two devices under development.
Veniti, which launched in September, 2009, raised $15 million in 2012 from a number of investors including Baird Venture Partners, Prolog Ventures and the St. Louis Arch Angels investment group. Two funds managed by Boston's Hambrecht & Quist Capital Management LLC also took part, according to the story.