ST. LOUIS, March 10, 2015 /PR Newswire/ -- VENITI, Inc., a St. Louis, MO-based medical device company is pleased to announce that it has closed on an equity and debt financing totaling over $17 million. The equity portion, its Series C, was led by previous investors, Baird Capital and Tekla Healthcare and Tekla Life Science Investors, with strong internal participation. The senior secured debt portion was funded by Life Sciences Alternative Funding ("LSAF"), a New York-based direct investment company.
Steve DeNelsky, President of Life Science Alternative Funding (LSAF) added: "VENITI's VICI VENOUS STENT addresses a large market need with the first technology designed specifically for the vascular system. This design delivers critical advantages, such as crush resistance and flexibility, which we believe physicians will value and lead to better patient outcomes. LSAF is pleased to partner with VENITI during this exciting growth phase."
The financing will be used to further the VIRTUS Trial for the VICI VENOUS STENT® system and worldwide commercialization efforts.
"VENITI has been developing its position as a leader in the marketplace for the advancement of the treatment of venous disease. This additional funding will allow us to ensure completion of the VIRTUS clinical trial, demonstrating how patients can benefit from venous stenting, as well as provide us necessary working capital for commercial expansion," said Catherine Matthes, VENITI, Inc. CFO.
Mike Liang, Ph.D., Partner with Baird Capital and Chairman of VENITI's Board commented, "This is an exciting time for VENITI and the treatment of venous disease. In launching the VICI VENOUS STENT and initiating the VIRTUS Trial, the VENITI team has proven its ability to succeed. We look forward to future success of both the company and the treatment of the disease state."
The VICI VENOUS STENT is intended for use in veins of the lower extremities and pelvis, including the iliac and common femoral veins, in patients who exhibit symptomatic venous outflow obstruction. This condition is frequently associated with disorders of the lower extremities, such as varicose veins and venous ulcers. These disorders affect hundreds of thousands of people around the world. The VIRTUS Trial is being performed under a U.S. Food and Drug Administration (FDA) Investigational Device Exemption (IDE). VIRTUS is a prospective, multicenter, single arm, non-randomized study that will include 200 patients, at a maximum of 30 investigational sites worldwide.
About VENITI, Inc.
VENITI, Inc. is an early-stage commercialization company that is headquartered in St. Louis, MO and has technical operations in Fremont, CA. Founded in 2010, it is dedicated to advancing the treatment of venous disease through clinical research and innovative technology and solutions. The VENITI team of experts is currently developing the VICI VENOUS STENT System. In launching the Venous Stent System, VENITI partners with individuals and companies with leadership roles in the development and training for therapies to provide advancement of care in venous disease. Through this, and other innovative technology, VENITI will achieve results that set it apart in addressing the challenges specific to the venous system and venous disease. The VICI VENOUS STENT System is CE marked under the European Medical Devices Directive (93/42/EEC) and commercially available in Europe. CAUTION: Investigational device. Limited by United States law to investigational use. VENITI is a trademark of VENITI, Inc. VICI VENOUS STENT is a registered trademark of VENITI, Inc. ©2015 VENITI, Inc. All Rights Reserved. Produced in the U.S. For more information, please visit www.veniti.com.
Life Sciences Alternative Funding LLC
LSAF provides long-term, non-dilutive growth capital exclusively to commercial-stage companies in the Life Sciences industry. Over the last three years, LSAF's principals, Rich Gumer and Steve DeNelsky, have been involved in nearly $200 million of structured debt financings for Life Sciences companies, and LSAF has closed $80 million of debt commitments since inception in mid-2013. LSAF is a joint-venture with the Asset-Based Value Strategy of Perella Weinberg Partners, which manages more than $2 billion in equity capital.
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SOURCE VENITI, Inc.