Vesper Medical, which focuses on developing devices for minimally invasive peripheral vascular procedures, raised $10.5 million in a series A round of financing.
The funds will be used by the Wayne, Pennsylvania-based company to complete the development of its Vesper Duo Venous Stent System and the in vivo testing needed to move to clinical testing of the device, the company said.
Participating in the financing, which was completed in two tranches, were New Enterprise Associates and Quaker Partners.
Deep venous disease effects millions of people globally. Typical treatment includes using elastic compression stockings and blood thinners, but those don’t address the blockage or narrowing of veins.
“There are more than 25 million U.S. adults suffering the debilitating consequences of deep venous disease, and traditional treatments fall short for many of them,” Bruce Shook, president and CEO of Vesper, said in a statement. “We see an enormous opportunity to deliver a lasting solution for these patients that is tailor made to the unique requirements of the deep veins.”
Clotting or narrowing of the veins of the pelvis or upper leg can create blockages that reduce blood flow that can lead to symptoms such as severe leg swelling, pain, skin discoloration and even ulcers.