Company Positioned for Accelerated Growth with Infusion of Capital and Proven Commercial Leadership
VALENCIA, Calif., Feb. 20, 2025 /PRNewswire/ -- Valencia Technologies, a neuromodulation company focused on minimally invasive treatment of urinary incontinence, announced a strategic investment of up to $35 million of committed capital and the appointment of industry veteran James D. Surek as CEO. The round was funded by Brooks Advisory Group, an affiliate of Brooks Management Group (www.brooksmgtgroup.com) ["BMG"]. The company will leverage the infusion of capital and Mr. Surek's deep commercial leadership experience to fuel growth of the company's flagship product, the eCoin® system.
"We are excited to help Valencia Technologies accelerate and scale commercialization of eCoin and continue to carry forward the vision of Jeff Greiner to transform the standard of care for bladder dysfunction," said Dain Black, managing partner, BMG. Details of the transaction have been approved by the Board of Directors of Valencia Technologies. Dain Black, Ryan Brooks, and Jim Surek have been added to the Board serving alongside Jeff Greiner and Don Hubbard.
In addition to the strategic investment, BMG will provide consulting services for commercialization and sales, reimbursement and payor services, and financial strategies. "BMG has a track record of success investing in technologies like eCoin, precisely because of our firm's deep involvement in its portfolio companies," said Ryan Brooks, managing partner, BMG. Brooks added, "Jim Surek is the best leader in medical device commercialization, bar none. BMG is thrilled that Jim is leading Valencia Technologies as CEO, and we are confident that success will follow him as it has throughout his distinguished career."
Jim Surek has played a pivotal role in the commercial success of five medical device companies that enjoyed successful M&A exits. He has built and led multiple commercial teams, driving transformative growth and market adoption of disruptive technologies. Notably, Jim was a key member of the executive team that grew revenue to over $200 million in three years at neuromodulation company Advanced Bionics. The company was subsequently acquired by Boston Scientific Corporation for approximately $3 billion. Additionally, Jim led the Sales organization in the turnaround of Entellus Medical, scaling revenue from less than $1 million to over $70 million and driving a successful IPO within four years.
At Valencia Technologies, Jim will focus on advancing the company's innovative technology, accelerating commercial adoption, and positioning the company for its next stage of growth. "I am excited to return to the neuromodulation space," said Mr. Surek. "Many physicians and patients have already experienced the benefits of Valencia's game-changing technology. We are looking forward to expanding our footprint in the market to bring our solution to those who want or require another option."
Dr. Jason Kim, M.D. of Stony Brook Medicine commented, "Many patients suffering from the embarrassment and anxiety of living with overactive bladder want an alternative to costly medications and other more involved treatments. With the eCoin system, I can offer urge urinary incontinence patients an effective alternative with a single procedure, few office visits, and 'set it and forget it' convenience."
The eCoin device is a coin-sized neurostimulator which is implanted under the skin near the ankle during a minimally invasive, outpatient procedure utilizing local anesthetic. The eCoin device automatically delivers periodic stimulation to the tibial nerve twice weekly. In its pivotal clinical study, the eCoin system reduced episodes of urge urinary incontinence (UUI) by at least 50% in 75% of patients at one year.† Unlike many other stimulation devices, eCoin streamlines the post-implant experience. Most patients need just one post-implant programming session, with no need for weekly recharging or patient programmers.
About Valencia Technologies
Valencia Technologies (www.valenciatechnologies.com) is a privately funded medical device company headquartered in Valencia, California. It manufactures and markets the eCoin system, the first and only FDA-approved, subcutaneous implantable tibial nerve stimulator for UUI. The Company's vision is that most eCoin implant procedures will eventually be performed in physicians' clinics. Valencia Technologies received FDA approval for the eCoin system in 2022.
†Results based on the per protocol study population https://www.accessdata.fda.gov/cdrh_docs/pdf20/P200036B.pdf
Media Contact:
Tom Patzelt
VP Marketing, Valencia Technologies
612-802-7299
[email protected]
SOURCE Valencia Technologies Corporation
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