VentureMed Group, which markets a catheter used in the treatment of peripheral artery disease, raised $15 million in a series B round. The funds will support ongoing and future clinical trials, as well as the company’s regulatory and reimbursement efforts for the device.
The new funding will also bankroll VentureMed’s R&D programs and boost its global sales team.
The Toledo, Ohio-based company’s Flex Scoring Catheters are used to prepare femoral popliteal arteries for PAD treatments, including the insertion of a drug-coated balloon, bare metal stents or drug-eluting stents. The device is CE marked and FDA-cleared.
"As a vascular surgeon, I can visualize how disease in the artery responds to various devices that have come to market over the decades. I invented the FLEX Scoring Catheter to provide interventionalists with a cost-effective solution for treating patients with challenging PAD,” said VentureMed founder and Chief Science Officer John Pigott, M.D., in a statement.
“Physicians are not only seeing excellent outcomes in PAD patients treated with FLEX Scoring Catheters, but are equally excited about its use in complex dialysis interventions,” Pigott said. The catheter may be used to treat patients who have complications from the arteriovenous fistulas and grafts created as access points for hemodialysis.
New investor Endeavour Vision led the round, and RiverVest Venture Partners, another new backer, also participated.