Ultrasound therapy developer Theraclion has secured €11.8 million ($13.4 million) to help further its new treatment for varicose veins, which it submitted for FDA approval and CE marking at the end of last year.
The multitranche financing package includes €4.8 million in immediate funding, raised by issuing new shares, which the company plans to use to help drive adoption and reimbursement of the noninvasive procedure in Germany and the U.S., as well as to help complete a clinical study of at least 200 treatments.
Based outside Paris in Malakoff, France, Theraclion also plans (PDF) to streamline its focused, high-intensity ultrasound system to better serve the varicose vein treatment market. The remainder of the funding agreement is based on reaching certain milestones.
Theraclion’s Echopulse system, which combines ultrasound therapy delivery with visualized ultrasound monitoring, is already CE marked for the treatment of benign breast fibroids and thyroid nodules. Converging ultrasound beams can produce targeted heat, allowing for the ablation and shrinking of superficial veins.
The company also added three new investors to its board of directors, including Christopher Bödtker, co-chairman of the private equity investment committee at Unigestion. Bödtker was previously chairman of Akina, which merged with Unigestion.
Physicians Ari Kellen, M.D., and Shawn Langer, M.D., also gained board seats; both spent several years at McKinsey and Co., and more recently have been supporting early-stage healthcare ventures.