Vesper Medical brought in about $10.5 million in its Series A round. The Wayne, PA-based company closed the round in two tranches with New Enterprise Associates and Quaker Partners participating.
The company said it plans to use the proceeds from this financing to complete the development of its Vesper Duo Venous Stent System inclusive of the in vivo testing necessary to obtain the approvals required for clinical testing of the Vesper Duo stents.
“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 at Vesper Medical, said in a release. “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.”
A likely competitor for the company could be Fremont, CA-based Veniti Inc., which has developed the Vici Venous Stent System. The device has CE mark and has been approved in Australia. In 2016, the company received $25 million in Series D funding from Marlborough, MA-based Boston Scientific.